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Capital Union Bank partners with blockchain platform Chainalysis
May 03, 2022
Blockchain data platform Chainalysis has announced its strategic partnership with Bahamas-based Capital Union Bank. Capital Union Bank has collaborated with Chainalysis for their risk management software and expertise to ensure the safe and compliant rollout of cryptocurrency solutions, which would likewise include the areas of trading and custody.
As an autonomous bank in the Bahamas, Capital Union Bank is in a position to build a bridge between sophisticated investors and the crypto-assets markets, Patrick Zbinden, CEO, Capital Union Bank, said. “With Chainalysis by our side, we feel equipped to offer these new services in a safe and compliant way,” he added.
To be noted, Capital Union Bank will adopt Chainalysis’ know your transaction (KYT) and reactor mechanisms. The Chainalysis KYT performs consistent, real-time transaction monitoring for all cryptocurrency assets to detect patterns of high-risk activity. Chainalysis reactor, the investigative tool, provides deeper due diligence regarding suspicious activities.
For Jonathan Levin, co-founder and chief strategy officer, Chainalysis, financial institutions are integral to the overall growth of the cryptocurrency industry, and collaborating with banks like Capital Union will help build trust in the industry. “We anticipate enabling the further adoption of cryptocurrency, safely,” he expressed.
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