BNY Mellon Moves Fund Ownership Records Onchain
BNY Mellon's transfer agency division is taking a significant step towards blockchain finance by moving fund ownership records onchain.
The institution, which oversees $8.6 trillion in assets across 7.6 million investor accounts, aims to modernize the accounting infrastructure that underpins every transaction in investment funds.
According to Carolyn Weinberg, chief product and innovation officer at BNY, adopting blockchain-based records will drastically decrease accounting discrepancies and reduce settlement times.
The new platform is set to be used by British asset manager Baillie Gifford, which has $261 billion under management, for its upcoming tokenized fund under UK regulations.
BNY's strategic expansion in digital assets includes regulatory progress in Europe under the Markets in Crypto-Assets (MiCA) framework.