CoinDesk·3 min read·medium
BNY targets $8.6 trillion transfer agency market on blockchain rails
O
Olivier Acuna
✦AI Summary
BNY is modernizing its transfer agency services by migrating records to a blockchain-based ledger to improve efficiency and transparency. The bank plans to support tokenized funds for major clients like BlackRock and Baillie Gifford while maintaining traditional systems.
"We think of BNY as modernizing a function that sits behind every single fund transaction by bringing the books and records onchain," Carolyn Weinberg, chief product and innovation officer at the 242-year-old financial services giant.
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