BNY Mellon partners with Chainalysis ahead of digital asset platform

Rick Steves

In February 2021, BNY Mellon announced the build-out of a multi-asset digital custody and administration platform for traditional and digital assets.

The Bank of New York Mellon Corporation has partnered with blockchain data platform Chainalysis for its compliance software as part of their risk management program.

This is a major milestone for Chainalysis, which has scored the world’s largest asset servicer and the first global systematically important bank as a client as BNY Mellon develops cryptocurrency services for its clients.

In February 2021, BNY Mellon announced the build-out of a multi-asset digital custody and administration platform for traditional and digital assets.

Chainalysis is known to be one of the top compliance specialists within the digital asset space and its software suite will allow BNY Mellon to assess broader cryptocurrency trends and granular activity once integration is complete.

Caroline Butler, Global Head of Custody, Tax and Network Management for BNY Mellon, said: “BNY Mellon enters the digital asset market as the most trusted asset servicer in the space. Working with Chainalysis and other leading fintech providers is foundational to our role as a trusted innovator and the extension of our capabilities into products that serve the growing cryptocurrency market.”

Jonathan Levin, Co-founder and Chief Strategy Officer, Chainalysis, commented: “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.”

Chainalysis valued at $4.2 billion

The Crypto RegTech firm boasts a range of risk management solutions, including Chainalysis KYT (Know Your Transaction), for real-time transaction monitoring for all cryptocurrency assets to detect patterns of high-risk activity; Reactor, to investigate suspicious activity; and Kryptos, for insight into cryptocurrency services including transaction volumes, counterparties, and benchmarking.

Last year, a Series E financing led by Coatue raised $100 million and valued Chainalysis at $4.2 billion. The move aimed to fuel further expansion and product development, such as focusing on more cryptos, DeFi, a Global Intelligence function, and collaboration tools for public and private sector teams.

In May 2021, Chainalysis launched a business data product for crypto venues. Chainalysis has systematically collected information that links real-world entities to blockchain transactions since 2013.

 

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