BNY Mellon joins hands with Chainalysis, a blockchain-data platform, to assist track and evaluate bitcoin goods. With $46.7 trillion in assets under management, BNY Mellon happens to be the world’s largest custodian bank.
Chainalysis is a blockchain-data analysis platform that provides services to financial institutions, which eases to manage the legal issues associated with bitcoin for large corporations. BNY will use Chainalysis software to track, record, and utilise data about crypto assets as mentioned in the agreement. Chainalysis’ risk management tools include KYT (Know Your Transaction), Reactor, and Kryptos, the most prominent of which is the KYT flagging system, which automatically evaluates if bitcoin transfers are classified as “high risk.”
If the KYT software identifies crypto being transmitted to a sanctioned wallet address, the transaction can be stopped before it happens. Reactor gives corporations additional investigative capability on the blockchain, while Kryptos collects and turns complex data into usable information for institutions.
That’s all about this partnership for now. Have a productive day, reader.