BNY Mellon to add blockchain layer to its $8.6 trillion transfer agency business

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BNY Mellon, the world's largest custodian bank, is moving to integrate blockchain technology into its transfer agency operations. The initiative targets the $8.6 trillion transfer agency market by introducing a digital ownership record for tokenized funds. Rather than replacing its existing infrastructure, BNY plans to run the blockchain layer alongside its current system. The move signals growing institutional interest in using distributed ledger technology to modernize fund record-keeping.

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