BNY Mellon Will Track BTC Transactions After Chainalysis Integration

Time Stamp: February 24, 2022 3:56 PM
Source Node: 1186248

America’s oldest Bank BNY Mellon will track BTC transactions of its user’s thanks to the help of Chainalysis, using the latter’s compliance software suite so let’s read furhter in our latest cryptocurrency news.

BNY Mellon is one of the oldest banks in America and will integrate a blockchain data platform with the help of Chainalysis which will also help to monitor and analyze crypto products. The move is a part of the institution’s strategy to build cryptocurrency services for the clients. According to the official announcement, the company plans to integrate a full Chainalysis compliance software suite into the custody and administration platform. This will help users to assess the crypto trends and granular activity in support of the compliance and due diligence practices. BNY Mellon will track the assets of the custody services that it provides its clients with.

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Under the risk management software offered by Chainalysis, the Know Your Transactions method is tasked with performing the tasks and monitoring all real-time transactions for the crypto assets, and detecting high-risk activity. Chainalysis’ investigative tool Reactor, will offer companies deeper due diligence into suspicious activity and Kryptos is the reference directory for the crypto services’ on-chain activity. The software is designed to assist the financial institution in understanding the risks that are associated with digital assets and investment opportunities.

The co-founder and Chief Strategy Officer of Chainalysis Jonathan Levin outlined the importance of the financial institutions on the growth of the crypto sector and added:

“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.”

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It is just a year from when BNY Mellon leaped into the BTC market and announced adding support for crypto on behalf of the asset-management clients and it also partnered with Grayscale to assist the world’s biggest digital asset manager to convert the BTC trusts into the exchange-traded funds. BNY Mellon’s Chief Executive Officer Emily Portney predicted that BTC and altcoins have the potential to contribute to the bank’s revenue in 2023 and she stated that the regulatory authorities across the world that should implement clarity in the crypto space which the executive considers will be a stepping stone for the bank.

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