The blockchain data platform, Chainalysis, is chosen as a compliance partner for Capital Union Bank’s new cryptocurrency solutions.
The Bahamian Bank is going to launch cryptocurrency solutions and Chainalysis will assist in rolling out the bank’s crypto services. This step was taken soon after the Bahamas adopted crypto-friendly legislation in order to attract investments.
Capital Union Bank is aiming to provide cryptocurrency exposure to their customers by promoting cryptocurrency. Chainalysis will support the bank with risk management and regulatory compliance as it launches crypto custody and trading services to its customers.
Chainalysis will provide the bank with Know Your Transaction (KYT) and Reactor features. While the KYT feature monitors real time transactions of digital assets to detect high risk patterns, the Reactor feature will help the bank to look into suspicious activities in between the trades.
Patrick Zbinden the Chief Executive Officer of the bank commented, “As an independent bank in the Bahamas, Capital Union Bank is uniquely positioned to build a bridge between sophisticated investors and the crypto-assets markets. With Chainalysis by our side, we feel equipped to provide these new services in a safe and compliant way.”
“Financial institutions are integral to the overall growth of the cryptocurrency industry, and partnering with respected banks like Capital Union will help build trust in the industry” said Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis.
Chainalysis, a blockchain-based data platform, has a number of regulators and law enforcement customers. BNY Mellon recently partnered with Chainalysis to provide a software bundle that includes KYT (Know Your Transaction), Reactor, and Krypto for crypto security and risk management.
