BNY Moves Fund Ownership Records to Blockchain

July 29, 2026 · Markets · CryptoRefuge Team

BNY, one of the world’s largest custodian banks, is moving fund ownership records on-chain, modernizing the function behind every single fund transaction and bringing increased efficiency and transparency to the process. This move covers a substantial portion of the financial sector, with BNY’s transfer agent services covering $8.6 trillion in assets and managing 7.6 million accounts.

Carolyn Weinberg, BNY’s chief product and innovation officer, says "We think of BNY as modernizing a function that sits behind every single fund transaction by bringing the books and records on-chain."

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Baillie Gifford, an Edinburgh, Scotland-based asset manager with $261 billion in assets under management, is involved in this initiative. Theo Golden, Baillie Gifford’s head of digital assets, notes that "What we have in the blockchain is a shared source of record-keeping between the participants." He emphasizes the importance of this shared record-keeping, stating, "We agree that this is the source of truth when people are dealing with the asset that this is monitoring." The involvement of Baillie Gifford and the expected participation of BlackRock, which is anticipated to use the service for upcoming tokenized funds, underscores the potential for widespread adoption of this technology.

The use of blockchain technology for fund ownership records increases efficiency and reduces costs associated with traditional record-keeping methods. Blockchain technology provides a shared, immutable ledger, eliminating discrepancies and ensuring all parties have access to the same information. This increases trust and confidence in the financial system.

The move by BNY to blockchain-based financial infrastructure is likely to have a positive effect on the adoption of blockchain technology in the financial sector. As institutions utilize blockchain technology, it becomes more widespread and widely accepted, driving innovation and growth in the financial sector. Analysis: If this move by BNY is successful, it could signal a significant shift towards the adoption of blockchain technology in the financial sector. The success of this initiative depends on BNY and other institutions effectively implementing and utilizing the technology.

The rollout of this service to other clients, including BlackRock, which is expected to use the service for upcoming tokenized funds, is the next key milestone to watch. As the financial sector evolves and adopts new technologies, the move by BNY to blockchain-based financial infrastructure will be closely watched by industry observers and participants alike.