The Bank of New York Mellon Corporation, a global financial services company, announced the expansion of its Digital Asset Platform with the launch of its Digital Asset Data Insights product, designed to securely and efficiently deliver both on- and off-chain data across blockchain networks. The launch underscores BNY’s ambition to serve an expanded, fundamental role in the lifecycle of tokenized assets.
With the BNY data on-chain capability, BNY will broadcast select fund accounting data to the Ethereum network, enabling further utility of public blockchains. Using smart contract technology, BNY will automate data consumption so that investors and on-chain participants may further capitalize on distributed ledger technology (DLT).
“Accessing transparent data is critical to our clients’ success in today’s market,” said Caroline Butler, Global Head of Digital Assets at BNY. “Our platform’s support of Digital Asset Data Insights underscores our commitment to servicing the end-to-end asset lifecycle via distributed ledger technology, while maintaining data integrity from a trusted source.”
BlackRock will be the first client to leverage this product. BNY will broadcast fund accounting data for the BlackRock USD Institutional Digital Liquidity Fund (“BUIDL” or “the Fund”), its tokenized short-term U.S. Treasury fund. BNY currently acts as fund administrator and custodian of the Fund’s assets.
“BNY’s enablement of off-chain data insights to public blockchains is an unprecedented event and a significant milestone for the industry,” said Robert Mitchnick, Head of Digital Assets at BlackRock. “By enhancing data transparency and accessibility for our investors, BNY has set a new standard for digital asset innovation.”
BNY’s Digital Asset Platform is a single, integrated platform for the safekeeping, servicing and management of digital assets. The platform leverages blockchain and tokenization technologies to create new opportunities to unlock asset utility, broaden distribution channels, manage risk and inform investment decisions as the market evolves.
Source: BNY
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