March 23, 2022
Cross River Expands Its Cryptocurrency Services; Selects Chainalysis as Partner for Best-In-Class Compliance
NEW YORK, N.Y. - Chainalysis, the blockchain data platform, today announced a partnership with Cross River , a technology-driven financial services organization that provides core infrastructure and embedded financial solutions. Cross River is known for providing financial services to the fintech and crypto sectors and will utilize Chainalysis tools to compliantly expand its offerings to additional cryptocurrency businesses. Chainalysis’ technology wrapped into Cross River's core infrastructure will enable crypto companies to build and scale, while knowing that regulatory expertise and compliance are already built in.
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. 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. As a means to safely and compliantly continue its innovation, the company will deploy Chainalysis’ full suite of risk management solutions to conduct due diligence and detect and investigate suspicious activity, in addition to its already robust compliance functions.
Cross River will leverage Chainalysis KYT (Know Your Transaction), the real-time transaction monitoring solution for compliance professionals; Chainalysis Reactor, the company’s investigations software; and Chainalysis Kryptos, risk management software for financial institutions. Employed in tandem and integrated into Cross River’s existing technology stack these tools will provide further confidence and best-in-class solutions for its cryptocurrency offerings to instill the trust necessary for further client acquisition.
“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.”
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