BNY Mellon to merge its digital platform with cryptocurrency compliance features
BNY Mellon, one of the world's most trustworthy banks, is venturing into the digital asset market with the help of a leading blockchain data platform. The partnership forms a crucial part of BNY Mellon's strategy to develop cryptocurrency services for their clients.
The blockchain data platform, whose mission is to build trust in blockchains to promote financial freedom with less risk, provides data, software, services, and research to various entities, including government agencies, financial institutions, and insurance companies.
BNY Mellon's integration of the platform's software is not only limited to their digital asset strategy but also extends to their risk management program. The bank plans to integrate the full suite of the platform's compliance software to assess broader cryptocurrency trends and granular activity.
Caroline Butler, Global Head of Custody, Tax, and Network Management for BNY Mellon, stated that the firm is entering the digital asset market as the most trusted asset servicer. Jonathan Levin, Co-founder and Chief Strategy Officer of the blockchain data platform, expressed pride in collaborating with BNY Mellon as they launch their digital assets business.
The platform's software suite includes KYT (Know Your Transaction), Reactor, and Kryptos. KYT performs continuous, real-time transaction monitoring for all cryptocurrency assets to detect patterns of high-risk activity. Kryptos offers high-level insight into cryptocurrency services including transaction volumes, counterparties, and benchmarking. Reactor provides deeper due diligence into suspicious activity.
This partnership aims to help grow consumer access to cryptocurrency safely. BNY Mellon announced in February 2021 that they are building the industry's first multi-asset digital custody and administration platform for traditional and digital assets.
While the Toronto-Dominion Bank (TD) is identified as a Global Systemically Important Bank (G-SIB) and is positioned with advanced digital infrastructure, no specific information indicates it will be the first G-SIB to use the platform’s risk management software to develop crypto services for its clients.
The blockchain data platform is backed by leading venture capital firms like Accel, Addition, Benchmark, Coatue, Paradigm, and Ribbit. For more information about the platform, visit www.our website.
Contact Maddie Kennedy, Senior Director of Communications, at media@our website for further details. The platform's services are used in over 60 countries and have been instrumental in solving high-profile criminal cases. The partnership between BNY Mellon and the blockchain data platform is a significant step towards mainstream adoption of cryptocurrency.
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