BNY Launches On-Chain Data Platform with BlackRock as First Client
The Bank of New York BNY, a leading global financial institution with over $50 trillion in assets under custody, has unveiled its latest innovation in digital finance: the Digital Asset Data Insights platform.
This blockchain-powered accounting tool is designed to enhance transparency and efficiency in fund management by broadcasting real-time fund data directly onto public blockchains.
BlackRock, the world’s largest asset manager, has become the inaugural client to integrate this platform. They will utilize the tool for their USD Institutional Digital Liquidity Fund (BUIDL), a tokenized short-term U.S. Treasury fund. This integration allows for real-time visibility of the fund’s net asset value (NAV) on-chain, providing investors with immediate access to critical financial data.
Robert Mitchnick, BlackRock’s Head of Digital Assets, emphasized the significance of this development, stating, “BNY’s enablement of off-chain data insights to public blockchains is an unprecedented event and a significant milestone for the industry. By enhancing data transparency and accessibility for our investors, BNY has set a new standard for digital asset innovation.”
This move aligns with BlackRock CEO Larry Fink’s vision of asset tokenization revolutionizing investing by streamlining operations, reducing costs, and enhancing security across various asset classes.
BNY’s foray into blockchain technology is part of its broader strategy to bridge traditional and digital finance. In 2022, the bank launched its Digital Asset Custody Platform, allowing institutional clients to store and transfer cryptocurrencies like Bitcoin and Ethereum. The subsequent easing of regulatory constraints, including the rescission of the SEC’s SAB 121 rule, has facilitated further expansion into digital asset services.
Caroline Butler, BNY’s Global Head of Digital Assets, highlighted the importance of this initiative: “Accessing transparent data is critical to our clients’ success in today’s market. Our platform’s support of Digital Asset Data Insights underscores our commitment to servicing the end-to-end asset lifecycle via distributed ledger technology while maintaining data integrity from a trusted source.”
The collaboration between BNY and BlackRock signifies a pivotal moment in the financial industry’s adoption of blockchain technology, setting a precedent for enhanced transparency and efficiency in fund management.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
