BNY to bring transfer agency records onchain in blockchain push
BNY is moving fund ownership records onchain by launching a blockchain-based version of its transfer agency business. This system maintains official records of fund ownership and investor transactions, and the bank says the goal is to modernize the back-end infrastructure behind fund activity by creating a shared, onchain source of record. The new platform will run alongside BNY’s existing transfer agency operations, which cover about $8.6 trillion in assets and 7.6 million accounts. BNY already oversees more than $59 trillion in assets under custody and administration. Early users include Baillie Gifford, which plans to use the platform for a UK-regulated tokenized fund, and BlackRock and BNY Dreyfus money market fund and cash management business for upcoming tokenized funds. The shift is part of BNY’s broader digital asset strategy, including progress under Europe’s MiCA framework. BNY has not disclosed which blockchain will power the system.
