Chainalysis, the blockchain data platform, has announced a partnership with Cross River, a tech-driven financial services organization that offers core infrastructure and embedded financial solutions.
Cross River is well-known for offering financial services to the Fintech and crypto sectors and will utilize Chainalysis tools “to compliantly expand its offerings to additional cryptocurrency businesses.”
Chainalysis’ tech wrapped into Cross River’s core infrastructure should “enable crypto companies to build and scale, while knowing that regulatory expertise and compliance are already built in.”
Previously excluded from banking services, the crypto-asset industry has grown considerably over the past year, “presenting financial institutions with unique opportunities to bring in new clientele.”
Cross River was early to “seize this opportunity and provides banking and payment solutions to exchanges, NFT marketplaces, and wallet providers, allowing them to scale quickly and efficiently.”
As a means to safely and compliantly continue its innovation, the company will “deploy Chainalysis’ full suite of risk management solutions to conduct due diligence and detect and investigate suspicious activity, in addition to its already robust compliance functions.”
Cross River will “leverage Chainalysis KYT (Know Your Transaction), the real-time transaction monitoring solution for compliance professionals; Chainalysis Reactor, the company’s investigations software; and Chainalysis Kryptos, risk management software for financial institutions.”
Employed in tandem and integrated into Cross River’s existing technology stack these tools “will provide further confidence and best-in-class solutions for its cryptocurrency offerings to instill the trust necessary for further client acquisition.”
Luca Cosentino, Head of Digital Assets at Cross River, stated:
“Crypto is going to be part of our daily lives, and it’s our responsibility to help the world of financial services stay current with the new technologies. Cross River is simplifying crypto and making it accessible to all. Our partnership with Chainalysis demonstrates our commitment to innovation while prioritizing compliance and maintaining consumer trust.”
Jonathan Levin, Co-Founder and Chief Strategy Officer, Chainalysis, remarked:
“Our business was founded on the belief that financial institutions would be integral to the overall growth of the cryptocurrency industry. Cross River has created a new standard for banking services and compliance strategies for those hoping to enable cryptocurrency companies. We’re thrilled to partner with such an innovative financial services organization and look forward to enabling the further adoption of cryptocurrency, safely.”
As covered, Chainalysis is the blockchain data platform. They “provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries.”
Their data “powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely.”
Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis “builds trust in blockchains to promote more financial freedom with less risk.”