BNY launches tokenized deposits amid TradFi rush into blockchain and crypto — TradingView News
BNY, a financial services company that traces its roots back to one of the oldest financial institutions in the United States, launched tokenized bank deposits for its institutional clients on Friday.
Tokenized bank deposits are onchain cash balances or depositor claims against a bank. BNY will issue the tokenized bank deposits on an in-house permissioned blockchain network, according to an announcement from the company.
The onchain deposits will be used to support collateral and margin requirements, with additional functionality in the future, BNY said, adding:
“As global financial markets shift towards an always-on operating model, institutions are seeking faster and more efficient ways to move assets — with greater settlement…
