Bny Mellon, America’s oldest running bank, has deepened his feet into blockchain and recently launched a new blockchain accounting tool using BlackRock. beginning client.
According to Recent Reports By good fortune, bank New York Mellon (BNY Mellon) has introduced the latest blockchain-based accounting tools.
BlackRock will be your first client
Interestingly, BlackRock, the world’s largest asset manager, has become the first institution to adopt a new platform seeking to modernize fund accounting by providing real-time insights into tokenized assets.
This newly launched tool directly records and updates the fund’s net asset value (NAV) on the blockchain, eliminating its reliance on third-party accounting services. By doing so, BNY makes fund management more transparent and efficient.
In particular, the report confirmed that BlackRock integrates this solution into that solution On-Chain Money Market Fund, Buidl, It allows investors to seamlessly access real-time financial data.
Caroline Butler, head of digital assets at BNY Mellon, emphasized that this blockchain-powered product will help you with vision and accessibility within the financial ecosystem. She noted that the innovation is based on BNY’s expertise in digital assets. That sector In recent years, traction has been increasing.
This move will change as broader industry trends towards financial instrument tokens, improving cost-effectiveness and operational effectiveness.
Changes in the regulatory atmosphere
In particular, BNY Mellon steadily expanded its blockchain capabilities despite early regulatory obstacles. Under previous US administrations, the Securities and Exchange Commission (SEC) introduced strict balance sheet requirements for banks holding crypto assets for their clients.
This has created a hurdle for financial institutions seeking custody of digital assets. However, after obtaining the regulatory exemption in 2024, BNY resumed its crypto-protective services, allowing banks to retain exchange trade products Bitcoin and Ethereum.
It is in the landscape of regulations Since It has shifted further under the current administration, allowing for the adoption of blockchains that are more seamless in traditional finance.
The launch of this accounting tool shows a shift in how traditional financial institutions approach blockchain integration.
Digital assets were once considered unstable and dangerous, but large companies like BlackRock have been actively embracing tokenization As a method Modernize fund management. Think about BlackRock CEO Larry Fink Recently proposed All financial assets may be tokenized.
Bny Mellon’s blockchain and crypto footprint expanded
Bny Mellon’s foray into the blockchain is nothing new. For several years, banks have been actively developing digital asset services. 2022, Company Release Its digital asset management platform allows selected clients to store and transfer Bitcoin and Ethereum.
A year ago, a bank Established Digital Asset Unit, a dedicated division focused on blockchain-based financial solutions. The unit has since worked to integrate blockchain technology into a variety of financial services, including trade finance.
2021, BNY Mellon Participation The Marco Polo Network has leveraged distributed ledger technology to streamline global trade operations. Additionally, BNY Mellon Investment Management has launched a Blockchain Innovation Fund in Singapore. Provides exposure to investors For businesses that use blockchain technology.
