Hex Trust partners with Chainalysis to provide a compliance-focused custody solution for financial institutions

Hex Trust partners with Chainalysis to provide a compliance-focused custody solution for financial institutions

May 15, 2021

Hex Trust today announced our partnership with Chainalysis, the blockchain analysis company. Hex Trust will adopt Chainalysis KYT (Know Your Transaction), the compliance solution, for real-time transaction monitoring, and Chainalysis Reactor, the investigative tool, for enhanced due diligence. This collaboration will enable Hex Trust to add an additional layer to our already robust compliance features for our proprietary platform, Hex Safe, providing financial institutions peace of mind for their digital asset transactions.

Over the last year, cryptocurrency has become a mainstream asset class, with an inflow of institutional dollars driving Bitcoin and other cryptocurrencies to record prices. Forward-thinking banks are increasingly giving customers direct access to cryptocurrency by partnering with custodian services to hold cryptocurrency on their behalf. This allows them to test the new offering with fewer resources invested, while also drawing on outside cryptocurrency expertise to increase their chances of success.

“Chainalysis is thrilled to partner with such a trusted name in digital asset custody. With financial institutions increasingly looking to invest in cryptocurrency, this is the optimal time for trusted partners like Hex Trust to invest in their compliance technology.” — Ulisse Dellorto, Managing Director of APAC for Chainalysis

“Cryptocurrency and blockchain technology is at the forefront of innovation in the financial services industry, and traditional financial institutions that embrace the change are likely to come out on top. Our partnership with Chainalysis is another testament to Hex Trust’s commitment to providing our clients with the most secure custody solution with a comprehensive compliance-first approach available in the market today.” — Alessio Quaglini, CEO & Co-Founder of Hex Trust

Chainalysis recently closed its Series D funding, raising $100 million with a more than $2 billion valuation. Chainalysis serves as a strategic partner to financial institutions, governments, and cryptocurrency businesses around the world, providing data, software, and expertise on sophisticated cryptocurrency crime and money laundering tactics, techniques, and procedures.

Chainalysis provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. The data platform powers investigation, compliance, and risk management tools that have been used to solve some of the world’s most high-profile cyber criminal cases and grow consumer access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Paradigm, Ribbit, and other leading names in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.

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