BNY Mellon Launches Blockchain-Based NAV Tool for Fund Managers

New York’s BNY Mellon, the oldest bank in the US, is revolutionizing digital asset services with a new blockchain-based tool that provides real-time Net Asset Value (NAV) directly to fund managers. This innovative solution eliminates the need for traditional third-party accounting firms. BlackRock, the world’s largest asset manager, will be among the first to utilize this technology for its tokenized money market fund, BUIDL. This move follows a trend of Wall Street banks embracing crypto, supported by US President Donald Trump’s pro-crypto administration which has eased restrictions imposed by the Securities and Exchange Commission (SEC).