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According to the statement provided by Chainalysis, the deal is a part of BNY Mellon’s strategy to develop cryptocurrency services for its clients.
The Bank of New York Mellon Corporation (or BNY Mellon), the world’s largest asset and wealth management provider, has partnered with Chainalysis, a provider of blockchain data and analysis to governments, banks, and businesses worldwide. Within the deal, BNY Mellon will employ compliance software provided by Chainalysis to improve its risk management program. With the tools provided by Chainalysis, the bank will be able to monitor its customers’ crypto assets.
Caroline Butler, Global Head of Custody, Tax and Network Management for BNY Mellon, commented:
“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.”
According to the statement, the deal is a part of BNY Mellon’s strategy to develop cryptocurrency services for its clients.
The products included in Chainalysis risk management software include Chainalysis KYT (Know Your Transaction), Reactor, and Kryptos. Chainalysis KYT allows tracking of all crypto assets in real-time. Further, Chainalysis Reactor is a tool for investigations that serves as a provider of diligence into suspicious activity. As for Chainalysis Kryptos, this tool collects and translates data into cogent information for institutions. It offers a high-level insight into cryptocurrency services including transaction volumes, counterparties, and benchmarking.
For Chainalysis, which already provides its services in 60 countries, the deal with BNY Mellon is a significant milestone. As Chainalysis has explained, BNY Mellon is believed to be the world’s most trustworthy bank that promotes an innovative and forward-thinking culture. Therefore, the blockchain analysis firm is proud to collaborate with BNY Mellon.
About BNY Mellon
BNY Mellon is a global investments company that engages in the provision of financial services. Established in Ireland in 1994, BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. As of June 30, 2021, BNY Mellon had $45.0 trillion in assets under custody and/or administration, and $2.3 trillion in assets under management.
In 2021, BNY Mellon jumped into the crypto industry. In February 2021, it revealed plans to hold, issue, and transfer Bitcoin (BTC) and other cryptocurrencies for its institutional clients. Later, in May last year, the bank set up a cryptocurrency custodian framework in Dublin, Ireland. The unit of BNY Mellon dubbed the ‘Digital Innovation Hub’ provides users with a variety of services including storing, transferring, and issuing digital assets.