BNY Mellon Signs Partnership with Chainalysis

Chainalysis will provide BNY Mellon, the financial holding company, with tools to meet regulatory requirements in the cryptocurrency space as part of its risk-management program.

Exciting news! The world’s largest asset servicer @BNYMellon will be the 1st Globally Systemic Financial Institution w/ plans to utilize our #RiskManagement software.

We’re proud to collaborate with @BNYMellon as they launch their digital assets business https://t.co/VHo5TDGWPs pic.twitter.com/TrXGhaYlHM

— Chainalysis (@chainalysis) February 23, 2022

\”This integration will be part of BNY Mellon’s strategy to develop cryptocurrency services for clients,\” the statement said.

The software suite provided by the firm includes Chainalysis KYT, Reactor and Kryptos.

Through KYT, real-time monitoring of transactions across all cryptocurrencies is performed to identify high-risk activity.

Reactor is an on-chain investigation tool that provides a more thorough check of suspicious operations. Kryptos provides deep information on crypto services, including transaction volumes, counterpar­ties and comparative analyses, enabling financial institutions to develop effective compliance systems.

In February 2021, BNY Mellon, one of the first among large financial institutions created a custodial platform for digital assets. It allowed clients to transact in Bitcoin and a number of other cryptocurrencies.

\”Working with Chainalysis and other leading fintech providers is fundamental to our role as an innovator and to expanding capabilities in products that serve the growing cryptocurrency market,\” said Carolyn Butler, head of custody, taxes and network management at BNY Mellon.

The co-founder and CEO of Chainalysis, Jonathan Levin, noted that he regards the role of \”financial institutions as critically important to the overall growth and success of the crypto industry.\”

A BNY Mellon-led survey showed that опрос показал that 77% of family offices are interested in or have invested in cryptocurrencies. 66% of respondents said they plan to increase their digital assets in the next year or two.

Earlier, in January, BNY Mellon urged U.S. regulators to provide greater clarity in the \”rules of the game\” for cryptocurrencies.