The service is available for institutional clients through an in-house permissioned blockchain, BNY said on Friday.
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:
The move by BNY is the latest blockchain-related development from a major financial institution, as banks and established players in traditional finance overhaul legacy financial infrastructure to meet the demands of the digital age.
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