BNY giant BNY offers a new accounting platform from Blockchain, Taps Blackrock as a first customer

BNY Mellon, the oldest bank in America, deepened its foot in Blockchain, which recently launched a new Blockchain account, with Blackrock As Firstly client.

According to Modern report With wealth, Bank New York Mellon (BNY Mellon) has provided the latest Blockchain accounting tool.

Blackrock becomes the first customer

Interestingly, Blackrock, the world’s largest asset manager, has become the first institution to adopt the new platform, which is looking to update the fund accountability by providing visions in the actual time in the distinctive assets.

This newly launched tool and update the value of the fund’s net assets (NAV) is recorded on Blockchain, eliminating dependence on third -party accounting services. By doing this, BNY makes the boxes more transparent and effective.

It is worth noting that the report stressed that Blackrock will integrate this solution in The money market fund on the series, Buidl, Allowing investors to access the financial statements in the actual time smoothly.

Caroline Pater, head of BNY Mellon, highlighted that this Blockchain energy product helps vision and access within the financial ecosystems. She noted that innovation depends on BNY experience in digital assets, The sector of that It has gained an increase in traction in recent years.

The move comes at a time when the broader industry turns towards the excellence of financial tools to improve cost efficiency and operational effectiveness.

Changing the organizational atmosphere

It is worth noting that BNY Mellon has steadily sought the Blockchain capabilities despite the initial organizational road barriers. According to the previous US administration, the Securities and Stock Exchange Committee (SEC) submitted strict digital requirements for banks that maintain encryption assets to customers.

This creates obstacles for financial institutions that explore the custody of digital assets. However, after obtaining organizational exemptions in 2024, BNY resumes encryption nursery services, allowing the bank to carry bitcoin and ether of the products circulated on the stock exchange.

Its organizational scene since It turned more in the framework of current management, allowing Blockchain more smooth adoption within traditional financing.

The launch of this accounting tool shows a change in how traditional financial institutions deal with Blockchain integration.

While the digital assets were seen one day as volatile and risky, leading companies like Blackrock have embraced the symbol that is active. As a way To update the fund management. I remember that the CEO of Blackrock Larry Fink I suggested recently Every financial assets can be symbolic.

BNY Mellon Extension in Blockchain and Crypto

BNY Mellon’s Foray in Blockchain is not new. The bank has actively developed digital asset services for several years. In 2022, the company Firing Its digital asset nursery platform, allowing the chosen customers to store and transport Bitcoin and Ethereum.

A year ago, the bank Prescribed Its digital asset unit, a dedicated section that focuses on Blockchain financial solutions. The unit has since worked to integrate Blockchain technology into various financial services, including trade financing.

In 2021, Bny Mellon join Marco Polo Network, benefit from the technician’s book technology distributed to simplify world trade operations. In addition, Bny Mellon Investment Management launched a Blockchain innovation box in Singapore, Provide exposure to investors For companies that adopt Blockchain technology.