Bank of New York Mellon Launches Blockchain Accounting Service, Secures BlackRock as Client
Summary
- Bank of New York Mellon announced it is officially launching its blockchain accounting service.
- BlackRock has been selected as the first client, demonstrating the advancement of the tokenized fund market.
- It is expected that the blockchain-based accounting service will expand according to customer demand in the future.
Bank of New York Mellon (BNY) is ramping up its blockchain business.
According to Fortune on the 3rd (local time), Bank of New York Mellon launched a new accounting service today. The core of the service is recording the Net Asset Value (NAV) of funds in real-time on the blockchain. Fortune stated, "BlackRock is expected to be the first client," adding, "(The launch of the service) demonstrates that the tokenized fund market is gradually advancing."
Bank of New York Mellon is expected to accelerate its blockchain business with this service launch. Initially, Bank of New York Mellon plans to expand the scope of its blockchain-based accounting services, considering future customer demand. Robert Mitchnick, head of BlackRock's digital assets, evaluated, "Bank of New York Mellon's implementation of integrating off-chain data with the blockchain is an industry first and a significant milestone."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
![[Exclusive] FSS to examine ZKsync coin that surged '1,000%' in three hours](https://media.bloomingbit.io/PROD/news/1da9856b-df8a-4ffc-83b8-587621c4af9f.webp?w=250)
