- 8 March 2022
- Posted by: Cryptovalues
- Category: Companies, World News
New and important addition to BNY Mellon’s strategy to develop cryptocurrency services for its clients.
The partnership with Chainalysis responds to the need to assess broader cryptocurrency trends and the underlying activity to support its compliance and due diligence practices.
BNY Mellon, America’s oldest bank, has long been sensitive to the topic of digital currencies.
In February last year, it announced the possibility of storing, transferring and issuing cryptocurrencies on behalf of its clients. This was a revolutionary move, considering that we are talking about the oldest American bank, but it was also the forerunner of a new way of thinking, because after it, others have approached the sector with increasing determination, such as JPMorgan, Morgan Stanley and Goldman Sachs.
The activity of the software provided by Chainalysis takes several forms: Chainalysis KYT performs continuous and real-time monitoring of transactions of all cryptocurrencies to detect high-risk activities. Chainalysis Reactor, the investigative tool, provides deeper due diligence into suspicious activity.
Chainalysis Kryptos provides high-level insight into cryptocurrency services, including transaction volumes, counterparties and benchmarking, so that financial institutions can develop effective compliance frameworks.
Interesting statements from the top management of both companies:
“BNY Mellon enters the digital asset market as the most trusted asset servicer in this space,”
said Caroline Butler, Global Head of Custody, Tax and Network Management at BNY Mellon.
“Working with Chainalysis and other leading fintech providers is critical to our role as a trusted innovator and the extension of our capabilities into products that serve the growing cryptocurrency market.”
Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis:
“Chainalysis has always believed that financial institutions are critical to the overall growth and success of the cryptocurrency industry. BNY Mellon has a reputation for being one of the most trusted banks in the world, while fostering an innovative and forward-thinking culture.”
From the US, therefore, the trend of creating the infrastructure for digital assets, going to introduce solutions to be adequate for a future that is coming in leaps and bounds.