Blockchain BNY Mellon: A Bold Leap with BlackRock’s Blessing 🚀

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In a move that would make even the most stoic of bankers raise an eyebrow, the Bank of New York Mellon Corp. has unveiled a cutting-edge blockchain-based marvel. This tool promises to post net asset value (NAV) data for tokenized funds directly onto a blockchain, with the precision of a Swiss watchmaker. BlackRock, the financial behemoth, will be the first to don this technological crown with their on-chain money market fund, BUIDL. One can almost hear the collective gasp of awe from the financial world.

Trump’s Crypto Crusade: A Blockchain Bonanza?

Fortune reports that BNY Mellon’s bold venture is buoyed by the Trump administration’s surprisingly crypto-friendly policies. A stark contrast to the Biden era’s more cautious approach, which saw the bank hit pause on its crypto custody services following SEC’s SAB121. But fear not, for in2024, the bank secured an exemption, allowing it to custody Bitcoin and Ethereum without the pesky balance sheet liabilities. The SEC, under Trump, swiftly axed the unpopular guidance, much to the delight of banks and crypto enthusiasts alike. 🎉

BNY’s latest crypto product is more than just custody—it’s a leap into the blockchain future, with BlackRock’s BUIDL fund leading the charge. #BlackRock #BNY #BUIDL #Bitcoin

— Digital Startup (@digitalstartup5) April3,2025

BlackRock and BNY: An Unprecedented Union

BlackRock, with BNY Mellon as its trusty sidekick, is set to wield the new tool first. Robert Mitchnick, BlackRock’s digital assets maestro, hailed BNY’s ability to bridge off-chain and on-chain worlds as nothing short of “an unprecedented event and a significant milestone for the industry.” A statement that surely sent ripples through the financial cosmos.

Meanwhile, BlackRock’s CEO Larry Fink continues to champion the tokenization of financial assets, promising a future of reduced costs and increased efficiency. The BUIDL fund’s implementation is a step towards this brave new world, though currently, it’s more of a cautious toe-dip than a full plunge.

Caroline Butler, BNY’s digital assets guru, shared with Fortune that the new tool will offer unparalleled transparency for tokenized funds. “Our blockchain expertise puts us ahead of the game,” she quipped, “right in that sweet spot where innovation meets client satisfaction.” The tool’s ability to post NAV information directly to the blockchain promises to elevate the creditworthiness of funds like BUIDL, a feat not easily matched by traditional accounting services.

Despite the rollercoaster ride of market volatility since2008, BNY Mellon remains undeterred in its blockchain pursuits. From launching a digital asset custody platform to Caroline Butler’s testimony before the House Financial Services Committee, the bank’s commitment to blockchain innovation shines through. “Embracing blockchain technology is in our DNA,” Butler declared, a sentiment that resonates with BNY’s legacy of pushing financial boundaries.

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2025-04-04 20:14