Capital Union Bank Opts for Risk Management Platform of Blockchain Firm Chainalysis

Blockchain data solution provider Chainalysis has inked a strategic deal with Bahamas’ headquartered Capital Union Bank. Specifically, the bank will be using the risk management software of Chainalysis and competence to guarantee the secure and compliant launch of crypto offerings, including trading and custodial service.

As a standalone financial institution on the island, Capital Union Bank is well placed to establish a bridge between informed investors and cryptocurrency markets, as per Patrick Zbinden, CEO of Capital Union Bank.

He further stated that “With Chainalysis as part of our team, we are certain that we can safely and compliantly offer the aforesaid extra services.”

It should be noted that Capital Union Bank intends to implement KYT (know your transaction) and reactor solutions of Chainalysis. In particular, the Chainalysis KYT carries out ongoing, instantaneous transaction tracking of all crypto assets to identify patterns mirroring high risk. Chainalysis reactor, the scrutiny system, offers in-depth due diligence related to dubious transactions.

Jonathan Levin, co-founder and chief strategy officer of Chainalysis, believes that financial firms are essential to the comprehensive growth of the crypto sector, and collaborating with banks such as Capital Union will aid in building trust in the crypto and blockchain domain. He stated, “We look forward to facilitating the widespread use of crypto in a safe and secure manner.”

Capital Union Bank, which is governed by the Central Bank of Bahamas and the Securities Commission of Bahamas, intends to implement the compliance software of Chainalysis in aiding elaborate risk administration and due diligence processes.