BNY Mellon Launches Blockchain Accounting Tool For Crypto Funds

The Bank of New York Mellon Corporation (“BNY Mellon”), the world’s largest asset custodian, has announced a significant expansion of its digital asset platform by introducing its Digital Asset Data Insights product.

Additionally, the new product is carefully made to safely and easily deliver data on and off various blockchains. This shows BNY Mellon’s dedication to taking a key role in tokenized assets.

BNY Launches On-Chain Fund Data Platform

The tool uses BNY Mellon’s strong on-chain capabilities, allowing the company to share certain fund data on the Ethereum network. This is meant to improve the use of public blockchains and use smart contracts to automatically access fund data.

Furthermore, by making data easy to access, the company seeks to help investors and blockchain users gain more from distributed ledger technology (DLT). Since the tool provides real-time valuations of tokenized assets, it enhances their transparency.

Caroline Butler, Global Head of Digital Assets at BNY Mellon, said precise data is essential in today’s market.

“Clear data is key to our clients’ success today. Our platform’s support of Digital Asset Data Insights shows our promise to serve the full asset lifecycle using distributed ledger technology while keeping data safe and trustworthy,” she said.

Notably, BlackRock, a top investment firm, will be the first client to use this product. BNY Mellon will share fund data about the BlackRock USD Institutional Digital Liquidity Fund (“BUIDL” or “the Fund”), a tokenized U.S. Treasury fund.

In addition, BNY is now the fund administrator and custodian of the Fund’s assets, strengthening the partnership between both companies.

BNY Aims for New Standard

Meanwhile, Robert Mitchnick, Head of Digital Assets at BlackRock, lauded BNY Mellon’s pioneering initiative, stating:

“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.”

Notably, BNY Mellon’s Digital Asset Platform is a full solution for holding, managing, and caring for digital assets. It uses blockchain and tokenization to create new asset opportunities, grow distribution, manage risk well, and improve investing choices in a changing market.

Nonetheless, this growth shows the company’s focus on staying ahead in digital assets and giving its clients helpful tools to deal with this new type of asset.

The post BNY Mellon Launches Blockchain Accounting Tool For Crypto Funds appeared first on Cointab.