The oldest bank in the USA, Bank of New York Mellon, which made a big impression last year by announcing that it will provide Bitcoin custody services to its customers, signed an important agreement with Chainalysis and covered a significant distance in the adoption of crypto money.
The bank will use Chainalysis compliance software in its risk management program as part of its strategy to develop cryptocurrency services for its clients.
Announcing that it will establish a platform for both traditional and digital assets in February last year and that it will provide custody services in many digital assets, BNY Mellon will integrate this software of Chainalysis into its own system in order to monitor crypto money compliances on a wider scale.
Real-time transaction monitoring!
The Chainalysis risk management software suite includes Chainalysis KYT (Know Your Transaction), Reactor, and Kryptos. Chainalysis KYT continuously monitors all cryptocurrencies in real-time to detect high-risk activities.
The investigation tool, Chainalysis Reactor, provides deeper due diligence and reports on suspicious activities and transactions.
Chainalysis Kryptos also helps financial institutions create an effective compliance framework, with oversight such as checking transaction volumes, counterparty movements, and compliance with standards so that crypto services are highly secure.
“We are improving our capabilities in the growing cryptocurrency industry”
Speaking on the subject, Caroline Butler, head of global custody, tax and network management of BNY Mellon, drew attention to the trust that the BNY Mellon name gives to customers and said:
“At BNY Mellon, we enter the digital asset market with the title of the most trusted asset service provider. Working with Chainalysis and other leading fintech companies, we are developing our capabilities in the growing cryptocurrency industry and reflecting this in our products.”
“BNY Mellon is one of the most trusted banks in the world…”
Chainalysis co-founder and chief strategy officer Jonathan Levin stated that his company has always believed that financial institutions play a critical role in the growth of cryptocurrencies. . It is also a source of pride for us that they started their digital asset projects.”
Risk Disclosure: The articles and articles on Arover.net do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies.