BNY puts fund ownership records on blockchain

• BNY has launched a blockchain platform to track ownership of tokenised funds.
• The platform creates one shared record while keeping traditional systems in place.
• BNY said the launch supports growing demand for tokenised investment products.

BNY has launched a blockchain platform that records ownership of tokenised funds.

The platform will work alongside BNY's existing transfer agency business instead of replacing it.

“We want to build, and help write the script, and be the rails of the future,” said BNY Global Head of Asset Servicing Emily Portney.

The new system gives all participants one shared record of fund ownership.

Baillie Gifford is using the platform for the UK's first fully native regulated tokenised fund.

BNY safeguards more than $59 trillion in client assets and continues expanding its digital asset business.

The launch reflects wider efforts by global financial firms to bring investment funds onto blockchain.