Financial holding company BNY Mellon has just signed an agreement with analysis firm Chainalysis. According to it, the latter will provide the holding company with tools to help it comply with legal requirements in the field of cryptocurrencies.
Chainalysis has made the announcement via Twitter:
"We’re proud to collaborate with BNYMellon as they launch their digital assets business."
Notably, among the tools provided by the analytics company are KYT, Reactor and Kryptos products. In particular, KYT monitors real-time transactions for all cryptocurrencies and detects high-risk activities.
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For its part, Reactor provides more comprehensive verification of suspicious transactions, while Kryptos provides detailed information on crypto services, including transaction volumes, counterparties and benchmarking. In this way, financial institutions can develop effective compliance systems taking all this data into account.
BNY Mellon became in February last year one of the first major financial institutions to create a digital asset custody platform.