Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
The oldest bank in the U.S. is integrating Chainalysis tools in an effort to provide greater trust and legitimize its services with cryptocurrencies.
The oldest banking corporation in the United States is expanding its ambitions in the crypto space.
El Bank of New York (BNY) Mellon whose origins date back to 1784, will begin to monitor transactions with Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. of its users. The financial institution announced in a statement this week that it has partnered with data platform a place to buy, sell and store cryptocurrency Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. , Chainalysis to carry out this task.
Chainalysis , una firma de análisis Blockchain that provides services to traditional financial institutions,ayudará al banco a rastrear y monitorear productos con criptomonedas. The platform will offer its software of follow-up to BNY Mellon This will provide the bank with a tool to manage the legal risks associated with cryptocurrencies more easily.
BNY Mellon integrará software de Chainalysis
BYN Mellon the world’s largest bank depository with more than USD $45 trillion in assets under management, expanded into the cryptocurrency space in February 2021 to begin offering its clients digital currency currency is a medium of exchange that defines value. custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. services.
Speaking about the partnership, Caroline Butler, director of global custody, tax and network a network refers to all nodes in the operation of a blockchain at any given moment in time. management at BNY Mellon stressed the importance of ensuring trust a trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. as banks enter the world of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets :
At BNY Mellon, we entered the digital asset market an area or arena, online or offline, in which commercial dealings are conducted. with the title of most trusted asset servicing provider. By working with Chainalysis and other leading fintech companies, we are developing our capabilities in the growing cryptocurrency industry and reflecting this in our products.
The set of tools offered by Chainalysis includes Know Your Transaction (KYT), a signaling system that immediately detects whether cryptocurrency deposits are from “ high risk “. If the software detects that funds have been sent to a sanctioned wallet a place where cryptocurrency users can store, send and receive digital assets. address, the system allows the transaction to be blocked preemptively.
Other tools of the analysis firm areReactor, que vincula direcciones de billetera con entidades de la vida real, brindando a las empresas más poder de investigación en la cadena de bloques; y Cryptos which collects and translates comprehensive blockchain data into digestible information for institutions.
Traditional institutions are interested in Bitcoin
In the past, the services of Chainalysis have generated criticism and discomfort for the more privacy-oriented users of cryptocurrency. However, the firm’s ability to formalize custody measures and other cryptocurrency services from large financial institutions could be crucial to the acceptance of such assets among traditional finance.
“ Chainalysis has always believed that financial institutions are critical to the growth and overall success of the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. industry “commented in this line the co-founder of Chainalysis , Jonathan Levin.
Los titanes de Wall Street han estado ingresando cada vez más activamente en el espacio de monedas digitales, con bancos renombrados como Morgan Stanley , Citibank y JPMorgan managing and offering to its clients services of Bitcoin y otras cripto.
BNY Mellon offers cryptocurrency management services, including custody and asset transfer. Also partnered with Grayscale the world’s largest manager of digital assets, to convert its fund of Bitcoin in an exchange-traded fund (ETF).
More recently, the chief financial officer of BNY Mellon Emily Portney, anticipated that Bitcoin and the altcoins could represent a significant source of income for the bank by 2023. In aentrevista con Bloomberg said he expects the U.S. to adopt an approach of greater regulatory clarity this year, which could mark a turning point for cryptocurrencies in the country.
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Article by Hannah Estefania Perez / DiarioBitcoin
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