According to Forbes, in the latest move by traditional financial institutions embracing blockchain and tokenized assets, banking giant BNY Mellon has collaborated with BlackRock to launch a real-time reporting tool called Digital Assets Data Insights.
These two financial giants' collaboration in developing an on-chain valuation and reporting tool will undoubtedly have a significant impact on cryptocurrency accounting and reporting discussions. In short, the tool will allow direct publication of Net Asset Value (NAV) data to selected blockchains without relying on third-party accounting services.
The benefits associated with this tool include: BNY Mellon can directly publish NAV data on-chain; the credibility of tokenized funds is enhanced due to increased transparency and real-time information; other products can benefit from a more comprehensive toolset specifically tailored for tokenized information.
