Blockchain data platform Chainalysis has announced its strategic partnership with Bahamas based Capital Union Bank. Capital Union Bank has partnered with Chainalysis for their risk management software and expertise to ensure the safe and compliant rollout of cryptocurrency solutions, which would also include the areas of trading and custody.
As an independent bank in the Bahamas, Capital Union Bank is positioned to build a bridge between sophisticated investors and the crypto-assets markets, Patrick Zbinden, chief executive officer, Capital Union Bank, said. “With Chainalysis by our side, we feel equipped to provide 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 continuous, 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 partnering with banks like Capital Union will help build trust in the industry. “We look forward to enabling the further adoption of cryptocurrency, safely,” he stated.
Capital Union Bank, which is regulated by the Central Bank of the Bahamas and the Securities Commission of the Bahamas, aims to integrate the Chainalysis compliance software in supporting comprehensive risk management and due diligence practices.
(With inputs from Chainalysis Blog)