Blockchain information platform Chainalysis has introduced its strategic partnership with Bahamas primarily based Capital Union Bank. Capital Union Bank has partnered with Chainalysis for his or her danger administration software program and experience to make sure the protected and compliant rollout of cryptocurrency options, which might additionally embrace the areas of buying and selling and custody.
As an unbiased financial institution within the Bahamas, Capital Union Bank is positioned to construct a bridge between refined buyers and the crypto-assets markets, Patrick Zbinden, chief govt officer, Capital Union Bank, mentioned. “With Chainalysis by our side, we feel equipped to provide these new services in a safe and compliant way,” he added.
To be famous, Capital Union Bank will undertake Chainalysis’ know your transaction (KYT) and reactor mechanisms. The Chainalysis KYT performs steady, real-time transaction monitoring for all cryptocurrency property to detect patterns of high-risk exercise. Chainalysis reactor, the investigative software, offers deeper due diligence concerning suspicious actions.
For Jonathan Levin, co-founder and chief technique officer, Chainalysis, monetary establishments are integral to the general development of the cryptocurrency business, and partnering with banks like Capital Union will assist construct belief within the business. “We look forward to enabling the further adoption of cryptocurrency, safely,” he acknowledged.
Capital Union Bank, which is regulated by the Central Bank of the Bahamas and the Securities Commission of the Bahamas, goals to combine the Chainalysis compliance software program in supporting complete danger administration and due diligence practices.
(With inputs from Chainalysis Blog)