BNY Mellon to Launch Digital Transfer Agency Business, Putting Fund Holder Records on the Blockchain

July 29th, New York Mellon Bank (BNY), with asset custody and management exceeding $59 trillion, will launch a digital transfer agent business, migrating fund transaction processing and holder records to the blockchain while maintaining the traditional transfer agent system.

BNY's transfer agent business currently serves approximately $8.6 trillion in assets and 7.6 million accounts; Baillie Gifford will be the first to use this system for the UK's first "fully native" regulated tokenized fund, with BlackRock and BNY's Dreyfus expected to adopt it in the upcoming funds.