Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Blockchain Meets Banking: BNY’s Bold Move With BlackRock In Tow

Share This Post

Bank of New York Mellon Corp. unveiled a new blockchain-based tool Friday that posts up-to-date net asset value (NAV) data for tokenized funds directly on a blockchain. According to company officials, BlackRock will be the first client to implement this technology with their on-chain money market fund, BUIDL.

Trump Administration Policies Create Friendly Crypto Environment

According to a report by Fortune, the financial giant’s move comes amid growing acceptance of blockchain technology in traditional finance, supported by favorable regulatory changes under US President Donald Trump’s administration.

BNY Mellon temporarily paused its crypto custody services during the Biden Administration after the Securities and Exchange Commission issued guidance known as SAB 121, which created balance sheet requirements for companies holding crypto assets for clients.

In 2024, the bank received an exemption allowing it to custody Bitcoin and Ethereum for exchange-traded products without treating them as balance-sheet liabilities. Under Trump, the SEC quickly rescinded the previous guidance, which was widely unpopular among banks and crypto companies.

BlackRock Partnership Marks ‘Unprecedented Event’

BlackRock, which depends on BNY Mellon as both fund administrator and custodian for its BUIDL fund, will be the first to use the new tool. Robert Mitchnick, BlackRock’s head of digital assets, called BNY’s ability to bring off-chain data insights to public blockchains “an unprecedented event and a significant milestone for the industry” in a statement shared with Fortune.

The partnership builds on BlackRock CEO Larry Fink’s public statements supporting increased tokenization of financial assets to improve costs and efficiency. While the technology remains limited to specific test cases and mostly blockchain-native customers, this implementation represents a step toward broader adoption.

Real-Time Data Aims To Boost Fund Creditworthiness

Caroline Butler, BNY’s head of digital assets, explained in an interview with Fortune that the new product will allow more transparent and current information around tokenized funds.

“Because we have expertise in blockchain, other fund accountants in the industry would struggle to do this,” she said. “It sits right in that sweet spot as we continue to add more and more value for clients.”

The tool posts NAV information directly to the blockchain instead of relying on third-party accounting services. According to Butler, this helps investors see current NAV values of instruments like BUIDL, which can improve their creditworthiness. While this type of data sharing isn’t unique to crypto, Butler noted that BNY’s blockchain technology enables the company to offer a more complete set of tools for tokenized funds.

BNY Mellon Continues Blockchain Push Despite Market Volatility

BNY Mellon’s latest offering represents another step into the blockchain sector, which began in 2008 with Bitcoin’s introduction. Despite market ups and downs, the bank has shown ongoing interest in the technology, including a previous launch of a digital asset custody platform for Bitcoin and Ethereum.

In March, Butler testified before the House Financial Services Committee during a hearing on stablecoins. “Embracing blockchain technology in connecting the traditional and digital markets is consistent with BNY’s long track record of supporting innovation in the global financial system,” she stated at the hearing.

Featured image from Gemini Imagen, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Elon Musk Becomes ‘Kekius Maximus’—Meme Coin Soars 120%

Elon Musk’s latest profile name change on X has sent ripple effects through the crypto market yet again After swapping his profile to “Kekius Maximus” with a Roman‑style frog avatar, the

Crypto Entrepreneurs In France Now Under Guard After Kidnapping Surge

French authorities have announced fresh security steps for crypto entrepreneurs and their families The move comes after a string of violent attempts to kidnap industry figures Officials are aiming to

Bitstamp Gets EU License Under MiCA Crypto Rules

Cryptocurrency exchange Bitstamp has received a Crypto Asset Service Provider (CASP) license under the EU’s MiCA regulation from Luxembourg’s Commission de Surveillance du Secteur

OpenAI Codex Hype Grows – Final Days to Grab Mind of Pepe ($MIND)

There’s a new AI buzz on the block, and it’s coming straight out of OpenAI’s labs Codex, their latest creation, just dropped – and the tech world is already losing its mind This shiny new

With OpenAI’s New Programming Agent Making Headlines, Here’s Why MIND of Pepe Is DeFi’s Best AI Agent

The coding community is buzzing with excitement as OpenAI announces the launch of Codex It’s a cloud-based software engineering agent built to lend a helping hand Codex will allow developers to

Ripple News: Why XRP Is Winning Institutional Trust?

The post Ripple News: Why XRP Is Winning Institutional Trust appeared first on Coinpedia Fintech News A recent breakdown by crypto analyst All Things XRP has reignited attention around XRP’s