World's largest custodial bank BNY to offer tokenized deposits for institutional investors

BNY, the world’s largest custodial bank, has taken its first major step toward tokenization by offering institutional clients the ability to settle bank deposits on a blockchain. The Wall Street giant, with nearly $58 trillion in assets under management, is launching a platform that mirrors client balances on a private blockchain to support faster settlement and liquidity management, according to a statement on Friday. The move comes as BNY has been testing blockchain deposits to overhaul its payment se ...