Blockchain data platform Chainalysis has been hired by Bahamian lender Capital Union Bank to help them roll out crypto services. The decision comes just a few days after the island state passed crypto-friendly laws to attract investors.
This partnership brings Chainalysis to help the bank with risk management and regulatory compliance as it starts to offer crypto trading and storage services to its customers.
Chainalysis Will Provide KYT
In addition to the partnership, KYT (Know Your Transaction) and Reactor functionalities will be provided by Chainalysis to the Capital Union Bank. The KYT feature of the blockchain data platform is capable of monitoring digital asset transactions in real-time and detecting patterns of high-risk behavior. Moreover, the bank’s Reactor feature will assist in the investigation of any questionable trading activity.
Overall, Chainalysis is recognized for giving solutions over data and other services to different firms in over 70 nations. In the meanwhile, Capital Union Bank is on the verge of delivering BTC services to its consumers. The CEO of CUB, Patrick Zbinden, believes that his bank can link the gap between potential investors and digital assets markets.
Following on, Zbinden states that a relationship with Chainalysis will give them options to supply news crypto-related services in a safer method. CSO of Chainalysis Jonathan Levin notes that this relationship with Capital Union bank will help to speed up the adoption of digital currencies.
Hackers Stole $1.3 Billion from DeFi 2022
Chainalysis recently reported a surge in hackers stealing cryptocurrency from DeFi services. In 2021, hackers stole almost $3.2 billion in digital assets. While in the first three months of 2022, crypto exchanges, platforms, and other businesses have lost $1.3 billion.
Furthermore, Chainalysis claims that in 2021, 72% of stolen cryptocurrency was from DeFi protocols. In 2022, the figure rose to 97%. Nonetheless, research suggests that just 30% of theft was done in 2020. As per the record, seven of the ten largest DeFi attacks resulted in over $1.6 billion in crypto theft.