The Bank of New York Mellon Corporation has announced the expansion of its digital assets platform with the launch of a new tool aimed at delivering both on- and off-chain accounting data to blockchain networks.
BNY Mellon, the world’s largest custodian, said in a press release that it was launching the Digital Asset Data Insights product, a data tool aimed at bringing security and efficiency to the offering and access to fund accounting data across blockchains.
The new tool, which will see global asset manager BlackRock become the first client, will allow BNY to broadcast a fund’s net asset value on the Ethereum (ETH) network.
Accordingly, the financial services giant’s new on-chain offering helps bolster its footprint in the blockchain technology space. Per the announcement, part of the focus is on the rapidly expanding tokenized assets market.
Digital Asset Data Insights will enable BNY to leverage smart contracts to automate data delivery for investors in tokenized funds.
“Accessing transparent data is critical to our clients’ success in today’s market,” said Caroline Butler, global head of digital assets at BNY. “Our platform’s support of Digital Asset Data Insights underscores our commitment to servicing the end-to-end asset lifecycle via distributed ledger technology, while maintaining data integrity from a trusted source.”
The BlackRock USD Institutional Digital Liquidity Fund will be the first to benefit from the new solution.
BUIDL, which launched in 2024 and is a tokenized short-term U.S. Treasury fund, will have its data broadcast onchain by BNY.
Commenting on the latest development, BlackRock’s head of digital assets Robert Mitchnick said:
“BNY’s enablement of off-chain data insights to public blockchains is an unprecedented event and a significant milestone for the industry. By enhancing data transparency and accessibility for our investors, BNY has set a new standard for digital asset innovation.”
New York City-headquartered BNY Mellon is the fund administrator and custodian of BUIDL’s assets.
BNY, which oversees more than $52 trillion in assets under custody and administration as well as over $2 trillion in assets under management, eyes distributed ledger technology for transparency and accessibility. The custodian behemoth has invested in spot Bitcoin (BTC) exchange-traded funds and targeted crypto ETF custody amid regulatory review.
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