Bahamian lender Capital Union Bank has engaged blockchain data platform Chainalysis to assist in rolling out crypto services. The move comes shortly after the island state adopted crypto-friendly legislation to attract investments.
Chainalysis will help the bank with risk management and regulatory compliance as it begins offering crypto trading and custody services to its customers.
Chainalysis to provide KYT, risk management services
Chainalysis will provide the Capital Union Bank with Know Your transaction (KYT) and Reactor features. The blockchain data platform’s KYT feature is capable of monitoring real time transactions of digital assets which eventually detects high risk activity patterns. While Reactor function will help the bank to investigate suspicious activity amid the trade.
Chainalysis is famous for providing solutions over the date and other services to different companies in over 70 countries. While Capital Union Bank is on the verge of providing cryptocurrency services to their customers. Patrick Zbinden, CEO of CUB, believes that their bank can bridge the gap between potential investors and digital assets markets.
Zbinden says that partnership with Chainalysis will give them opportunities to provide news crypto related services in a safer way. While Jonathan Levin, CSO of Chainalysis, mentioned that this partnership with Capital Union bank will accelerate cryptocurrency adoption.
$1.3 billion looted by hackers from DeFi 2022
Recently, the Chainalysis released a report on hackers stealing cryptocurrency from DeFi platforms has increased. The report mentioned that hackers looted over $3.2 billion worth of digital assets in 2021. Meanwhile, the first three months of 2022 have seen a digital theft of $1.3 billion across crypto exchanges, platforms and other services.
According to Chainalysis, in 2021, 72% of the stolen cryptocurrency was from Defi protocols. Meanwhile, the number has surged to go up to 97% in 2022. However, data shows that just 30% of theft was done in 2020. The seven of the ten largest DeFi hacks have led to the theft of over $1.6 billion worth crypto assets.
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