On February 24, the Bank of New York Mellon announced a partnership with blockchain data platform Chainalysis to help track its users’ crypto transactions and analyze cryptocurrency products. BNY Mellon is the world’s largest custodian bank, currently managing $46.7 trillion in assets.
Chainalysis is a blockchain data analysis platform that serves traditional financial institutions, making it easier for large corporations to manage the legal risks posed by cryptocurrencies. As part of the partnership, the Bank of New York will utilize Chainalysis software to track, record and leverage data surrounding cryptoassets.