Capital Union Bank, a Bahamian bank, has enlisted the help of blockchain data and analytics firm Chainalysis to help roll out cryptocurrency services.
As the bank begins to offer crypto trading and custody services to its customers, Chainalysis will assist the bank with risk management and regulatory compliance. The action comes after the island state passed crypto-friendly legislation in an effort to entice investors.
Capital Union Bank will benefit from Chainalysis’ Know Your Transaction (KYT) and Reactor features. The KYT component of the blockchain data platform is capable of monitoring real-time digital asset transactions and detecting high-risk activity patterns.
The Reactor feature, on the other hand, will assist the bank in investigating suspicious activities in the deal.
About the partnership
Chainalysis is well-known for providing date-related solutions and other services to businesses in more than 70 countries. While Capital Union Bank is preparing to offer Bitcoin services to its clients.
CUB’s CEO, Patrick Zbinden, believes his bank will be able to bridge the gap between potential investors and the digital asset markets.
According to Zbinden, partnering with Chainalysis would allow them to develop new crypto-related services in a more secure manner. The relationship with Capital Union bank, according to Jonathan Levin, CSO of Chainalysis, will speed bitcoin adoption.