BNY Mellon joins hand with Chainalysis, to strengthen user Crypto Transactions

• BNY Mellon has teamed with Chainalysis, a blockchain data and analysis supplier to governments, banks, and enterprises throughout the world.

• BNY Mellon will use Chainalysis’ compliance software to strengthen its risk management program as part of the agreement.

• The transaction is part of BNY Mellon’s aim to expand cryptocurrency services for its clients, according to the announcement.

According to Chainalysis, the transaction is part of BNY Mellon’s effort to build cryptocurrency services for its clients.

The Bank of New York Mellon Corporation (or BNY Mellon), the world’s biggest asset and wealth management provider, has teamed with Chainalysis, a blockchain data and analysis supplier to governments, banks, and enterprises throughout the world. BNY Mellon will use Chainalysis’ compliance software to strengthen its risk management program as part of the agreement. The bank will be able to monitor its clients’ crypto holdings using the tools offered by Chainalysis.

Chainalysis KYT (Know Your Transaction), Reactor, and Kryptos are among the tools included in Chainalysis risk management software. Chainalysis KYT enables real-time tracking of all crypto assets. Furthermore, Chainalysis Reactor is an investigative tool that provides scrutiny into disturbing behavior. Chainalysis Kryptos, on the other hand, gathers and converts data into useful information for institutions. It provides a high-level overview of bitcoin services, such as transaction volumes, counterparties, and benchmarking.

The agreement with BNY Mellon is a big milestone for Chainalysis, which now delivers services in 60 countries. According to Chainalysis, BNY Mellon is regarded as the world’s most trustworthy bank that fosters an innovative and forward-thinking culture. As a result, the blockchain analysis business is pleased to work with BNY Mellon.

BNY Mellon 

BNY Mellon is a financial services and investments firm with a global presence. BNY Mellon, which first opened its doors in Ireland in 1994, may serve as a single point of contact for customers wishing to develop, trade, hold, manage, service, distribute, or restructure assets. 

BNY Mellon has $45.0 trillion in assets under custody and/or administration as of June 30, 2021, and $2.3 trillion in assets under management as of June 30, 2021.

BNY Mellon entered the cryptocurrency market in 2021. It announced ambitions to hold, issue, and transfer Bitcoin (BTC) and other cryptocurrencies for its institutional clients in February 2021. The bank later established a cryptocurrency custodian structure in Dublin, Ireland, in May of last year.

The ‘Digital Innovation Hub,’ a BNY Mellon entity, offers a number of services to users, including storing, transferring, and issuing digital assets.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.