BNY Mellon cooperates with Chainalysis to create software to track cryptocurrency transactions
The Know Your Transaction system will be able to detect and block unauthorized funds transfers
24.02.2022 - 08:00
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What’s new? Bank of New York BNY Mellon has announced a partnership with the analytics company Chainalysis to create software. The new project will allow the financial institution to track and block users’ cryptocurrency transactions, Decrypt reports. This solution should simplify the risk management associated with digital assets.
How will the new software work? Chainalysis’s development will include KYT (Know Your Transaction), Reactor, and Kryptos technologies. If the KYT algorithm detects that the cryptocurrency is being transferred to an unauthorized address, it will be able to preemptively block the transaction.
Reactor will provide additional capabilities for conducting investigations in the field of blockchain, while Kryptos will collect and transform complex data into structured information.
What do the companies’ representatives say about this? Caroline Butler, head of global custody, tax and network management at BNY Mellon, stressed the importance of trust at a time when banks are entering the world of digital assets:
“At BNY Mellon, we enter the digital asset market with the title of the most trusted asset service provider. Working with Chainalysis and other leading fintech companies, we are developing our capabilities in the growing cryptocurrency industry and reflecting this in our products.”
Chainalysis co-founder Jonathan Levin noted:
“Chainalysis has always believed that financial institutions are critical to the overall growth and success of the cryptocurrency industry.”
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