Financial services organization Cross River said it is expanding its cryptocurrency services with the help of the blockchain data platform Chainalysis.
The partnership, announced Wednesday (March 23) on Cross River’s website, will blend Chainalysis’ tech with Cross River’s infrastructure to help crypto companies to build and scale with built-in regulatory expertise and compliance.
“Previously excluded from banking services, the digital asset industry has grown tremendously over the past year, presenting financial institutions with unique opportunities to bring in new clientele,” the announcement said. “Cross River was early to seize this opportunity and provides banking and payment solutions to exchanges, NFT marketplaces and wallet providers, allowing them to scale quickly and efficiently.”
Cross River said the collaboration gives it access to Chainalysis’ transaction monitoring tool and investigation and risk management software, which will be used in tandem with Cross River’s technology to ensure further client acquisition.
Headquartered in New York City, Chainalysis is known for its work in the cryptocurrency sector, working with government agencies and other such entities to give them the capacity to track crypto-related crime and fraud.
See also: Chainalysis Raises $100 Million
“Crypto is going to be part of our daily lives, and it’s our responsibility to help the world of financial services stay current with the new technologies,” said Luca Cosentino, head of digital assets at Cross River. “Cross River is simplifying crypto and making it accessible to all. Our partnership with Chainalysis demonstrates our commitment to innovation while prioritizing compliance and maintaining consumer trust.”
In November, Cross River joined forces with FinTech Payment Approved to provide clients with faster, broader and more secure payment options.
Read more: Payment Approved, Cross River Bank Partner on Better Payment Options
Through the partnership, Cross River provided the payments and technology infrastructure to allow for disbursements through Push-to-Card capabilities on the Visa and Mastercard networks.
Last year also saw Chainalysis reach a valuation of $4.2 billion following a $100 million Series E funding round.
