Bank of New York (BNY) Mellon, the world’s largest custody bank, has partnered with blockchain software company Chainalysis to monitor its users’ crypto transactions.
BNY Mellonblockchain data platform to help track and analyze cryptocurrency products chainalysis announced a partnership with BNY Mellon in partnership data surrounding crypto assets watch, record and to use for From Chainalysis’s risk management software will benefit.
Risk management software offered by ChainalysisI Know Your Transactions (KYT), reactor and Kryptos includes. Most importantly, it automatically detects whether crypto money transfers are “high risk”. KYT is software.
KYT softwarecan block the transaction in advance if it detects that the crypto has been transferred to a banned wallet address. reactorwhile giving companies more research power on blockchain, Kryptos on the other hand, it collects complex data and turns it into persuasive information for institutions.
Addressing the importance of building trust as banks enter the world of digital assets, head of global custody, tax and network management at BNY Mellon Caroline Butler;
As BNY Mellon, we enter the digital asset market as the most reliable asset service provider. Working with Chainalysis and other leading fintech companies, we leverage our capabilities in the growing cryptocurrency industry and reflect this in our products.
made statements.
Chainalysis co-founder Jonathan Levin In his statement on the subject;
Chainalysis has always believed that financial institutions have been critical to the overall growth and success of the cryptocurrency industry.
made statements.
Last year February to its customers in Bitcoin (BTC) and other cryptocurrencies for custody service announcing that he will present BNY Mellon, right now $46.7 trillion It is the world’s largest custody bank that oversees assets.