Blockchain data platform Chainalysis has been selected by the Bank of New York Mellon Corporation, to bolster the banking giant’s compliance capabilities. 

As part of the integration, Chainalysis will play a key part in BNY Mellon’s strategy to develop cryptocurrency services for its clients.

Caroline Butler, Global Head of Custody, Tax and Network Management for BNY Mellon, commented: “BNY Mellon enters the digital asset market as the most trusted asset servicer in the space. Working with Chainalysis and other leading fintech providers is foundational to our role as a trusted innovator and the extension of our capabilities into products that serve the growing cryptocurrency market.”

The collaboration comes as BNY Mellon continues to build the industry’s first multi-asset digital custody and administration platform for traditional and digital assets.

“Chainalysis has always believed that financial institutions are critical to the overall growth and success of the cryptocurrency industry,” added Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis. 

“BNY Mellon is the best of both worlds: it has the reputation of being one of the world’s most trustworthy banks while fostering an innovative and forward-thinking culture. We are proud to collaborate with them as they launch their digital assets business.”