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BNY to launch blockchain-based transfer agency platform
The platform is set to cover roughly $8.6 trillion in assets across 7.6 million accounts, expanding BNY’s onchain push for fund ownership records.
BNY is launching a blockchain-based transfer agency platform that will move fund ownership records onchain, the Financial Times reports, as the bank expands its digital asset infrastructure.
The transfer agent function, which maintains official records of who owns shares in investment funds and processes investor transactions, is designed to provide a shared source of information across market participants rather than relying on reconciliations across separate systems.
BNY’s reported transfer agent services cover about $8.6 trillion in assets across 7.6 million accounts. The firm, which oversees more than $59 trillion in assets under custody and administration, will reportedly keep its traditional transfer agency operations running alongside the new digital platform.
The effort also aligns with BNY’s broader push in digital assets, including European progress under the EU’s Markets in Crypto-Assets framework, as it positions for the next phase of institutional blockchain adoption, Cointelegraph reports.