America’s oldest bank, Bank of New York Mellon (BNY Mellon), announced that it has partnered with Chainalysis to integrate the latter’s compliance software suite with its multi-asset digital custody and administration platform.
“BNY Mellon is the best of both worlds: it has the reputation of being one of the world’s most trustworthy banks while fostering an innovative and forward-thinking culture. We are proud to collaborate with them as they launch their digital assets business.”
BNY Mellon plans to integrate the full Chainalysis compliance software suite to assess broader cryptocurrency trends and granular activity in support of its compliance and due diligence practices. This integration is the part of BNY Mellon’s strategy to develop cryptocurrency services for its clients.
We’re thrilled to be the first Global Systemically Important Bank with plans to utilize @chainalysis’s risk management software as a component of our strategy to develop cryptocurrency services for our clients. https://t.co/BZC88wc7ic pic.twitter.com/BhdJ9WJZ9p
— BNY Mellon (@BNYMellon) February 23, 2022
“BNY Mellon enters the digital asset market as the most trusted asset servicer in the space,” said Caroline Butler, Global Head of Custody, Tax and Network Management for BNY Mellon. “Working with Chainalysis and other leading fintech providers is foundational to our role as a trusted innovator and the extension of our capabilities into products that serve the growing cryptocurrency market.”
Chainalysis co-founder and chief strategy officer, Jonathan Levin, said, adding that his company believes financial institutions are “critical to the overall growth” of the crypto industry.
Chainalysis is the blockchain data platform, Chainalysis risk management software suite includes three main tools.
- KYT or Know Your Transaction, which monitors all cryptocurrency transactions in real-time to real-time to identify “high-risk” activity.
- Reactor, which is an investigative tool that companies can use for due diligence into suspicious activity.
- Kryptos, a reference directory, which is designed to help financial institutions understand the risks digital assets can pose.
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