Last February, BNY Mellon announced it was set to build a multi-asset digital admin and custody platform for both digital and traditional assets.
Now, it has been announced that the Bank of New York Mellon Corporation has partnered up with the blockchain platform Chainalysis as part of their risk management program with Chainalysis handling the compliance software.
This is a significant milestone for blockchain platform Chainalysis which has managed to bad the globe’s biggest asset servicer and the first globally important bank in the form of BNY Mellon, bringing cryptocurrency well and truly into the mainstream.
Chainalysis is one of the biggest and best digital asset compliance specialists, and its software will enable the Bank of New York Mellon Corporation to assess wider cryptocurrency trends and activity once it is fully integrated.
BNY Mellon trusted
Of the partnership, a spokesperson for BNY Mellon said that the bank was entering the digital asset market with as the space’s most trusted server. Caroline Butler, who is Global Head of Custody, Tax and Network Management for the bank also noted that their partnership with Chainalysis was the foundation upon which their trust was built and a key part of enabling them to innovate in the cryptocurrency market.
Chainalysis is a prominent Crypto RegTech company with a proven ability for offering effective risk management packages including their popular Chainalysis Know Your Transaction solution that enables companies to monitor transactions in real-time, so they were the natural choice for such a big institution as the Bank of New York Mellon Corporation to partner up with.