BNY Mellon transfers $8.6 trillion fund administration records to blockchain
This move will initially support clients such as Baillie Gifford, BlackRock, and BNY's Dreyfus, covering the first fully native, UK-regulated tokenized fund and other planned tokenized products.
BNY and other major banks are building blockchain-based infrastructure and tokenized deposit networks. The bank expects that, given persistent risks from cybersecurity and smart contracts, traditional systems will continue to coexist for several years.
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