The Bank of New York (BNY) Mellon, which is the world’s largest custodian bank and securities services company with $41.7 trillion in assets under custody (AUC) and over $2.2 trillion in assets under management (AUM), has partnered with blockchain software and analytics firm, Chainalysis.

BNY Mellon will be utilizing Chainalysis compliance software for its own risk management system. The bank will also use the firm’s analytics and software to track digital asset usage among its clients.

Caroline Butler, Head of Global Custody, Tax, and Network Management at BNY Mellon, said:

“At BNY Mellon, we enter the digital asset market with the title of the most trusted asset service provider. Working with Chainalysis and other leading fintech companies, we are developing our capabilities in the growing cryptocurrency industry and reflecting this in our products.”

A platform, which will provide digital asset custody, is expected to launch within the year, first in the U.S. with expansion to the U.K. and other countries globally, following demand.

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