BNY adds blockchain recordkeeping to institutional fund services

BNY has expanded its blockchain strategy by bringing the ownership records behind investment funds onchain through a new digital transfer agency platform for institutional clients. Summary BNY has launched a blockchain based transfer agency platform to keep fund ownership records onchain. The service will first support tokenized funds from Baillie Gifford, BlackRock and BNY Dreyfus. BNY’s transfer agency business manages about $8.6 trillion in assets across 7.6 million investor accounts. The launch follows BNY’s recent expansion into USDC services and MiCA regulated crypto custody in Europe. The Financial Times reported that the New York-based custodian bank will launch a blockchain-enabled version of its transfer agency business, allowing fund ownership records and investor transactions to be maintained on a shared digital ledger while continuing to operate its existing transfer agency services. BNY has moved fund ownership records onto blockchain Rather than tokenizing only investment products, BNY is applying blockchain technology to the record-keeping infrastructure that supports fund operations. According to the Financial Times, the platform will keep official ownership record...