Bank of New York Mellon partners with BlackRock to launch a tokenized asset chain valuation and reporting tool

On April 11th, in the latest move by traditional Financial Institution Groups to embrace the blockchain and tokenized asset space, banking giant Bank of New York Mellon (BNY) has partnered with BlackRock to launch a real-time reporting tool, Digital Assets Data Insights. The collaboration between the two financial giants to develop an on-chain valuation and reporting tool is bound to have a significant impact on the accounting and reporting discussion of cryptocurrencies. In short, the tool will allow for the publication of net asset value (NAV) data directly onto selected blockchains without relying on third-party accounting services. The benefits associated with this tool include: 1) Bank of New York Mellon's ability to publish NAV data directly onto the chain; 2) the enhanced credibility of tokenized funds due to increased transparency and real-time information; and 3) the ability for other products to benefit from a more comprehensive suite of tools tailored specifically for tokenized information.