• Chainalysis Teams Up With Bahamian Bank To Launch Crypto Services

  • Capital Union Bank, a Bahamas-based lender, has enlisted the help of blockchain data platform Chainalysis to help it roll out cryptocurrency services. The action comes just a few months after the island state passed crypto-friendly legislation in an effort to attract investment.

    Chainalysis will assist the bank with risk management and regulatory compliance as it begins to offer cryptocurrency trading and custody to its customers.

    Chainalysis will offer KYT and risk management services.

    Capital Union Bank will benefit from Chainalysis’ Know Your Transaction (KYT) and Reactor features. The KYT component of the blockchain data platform is capable of monitoring real-time digital asset transactions and detecting high-risk activity patterns. While the Reactor function will assist the bank in investigating suspicious activities during trading.

    Chainalysis is well-known for offering date solutions and other services to businesses in over 70 countries. Capital Union Bank is on the verge of offering cryptocurrency services to its customers. CUB’s CEO, Patrick Zbinden, believes that his company’s bank can bridge the gap between potential investors and digital asset markets.

    According to Zbinden, the relationship with Chainalysis would allow them to develop new crypto-related services in a safer manner. According to Jonathan Levin, CSO of Chainalysis, this collaboration with Capital Union bank will speed bitcoin adoption.

    Hackers stole $1.3 billion from DeFi 2022.

    Recently, Chainalysis published a report indicating that the number of hackers stealing cryptocurrency via DeFi services has increased. According to the research, hackers stole over $3.2 billion in digital assets in 2021. Meanwhile, the first three months of 2022 saw a $1.3 billion digital theft across crypto exchanges, platforms, and other businesses.

    According to Chainalysis, 72 percent of stolen cryptocurrency in 2021 came via Defi protocols. Meanwhile, the figure has risen to 97 percent by 2022. However, figures reveal that only 30% of theft occurred in 2020. Seven of the top 10 DeFi breaches resulted in the theft of nearly $1.6 billion in crypto assets.

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