Blockchain data platform Chainalysis will supply its compliance software to the Bank of New York Mellon to help with cryptocurrency regulatory processes.
BNY Mellon is currently building the industry’s first multi-asset digital custody and administration platform for traditional and digital assets. It plans to integrate Chainalysis’ technology to assess broader cryptocurrency trends and granular activity in support of its compliance and due diligence practices.
Chainalysis co-founder and chief strategy officer Jonathan Levin said, “Chainalysis has always believed that financial institutions are critical to the overall growth and success of the cryptocurrency industry.
“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.”
The Chainalysis risk management software includes its know your transaction tools, which performs real-time transaction monitoring for all cryptocurrency assets to detect patterns of high-risk activity.
Its Reactor solution, which will also be leveraged through the deal, gives deeper due diligence into suspicious activity.
The RegTech company doubled its valuation in 2021, reaching $4.2bn after nabbing $100m in its Series E. It came just months after reaching a $2bn valuation.
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