• Days
  • Hours
  • Mins
  • Secs
  • Wed, 18 Sep 2019, 02:55 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

U.S.-based Provident Bank taps Bitfury's blockchain solution for digital asset compliance

Crypto Banking.Crypto360/Flickr

Thu, 11 Jul 2019, 04:24 am UTC

In a recent announcement, it was revealed that blockchain startup Bitfury was teaming up with The Provident Bank in order to provide better services based on the decentralized ledger technology.

Under the partnership, the bank will use Bitfury's Crystal Blockchain analytics platform to enhance client onboarding processes and transaction monitoring procedures. The alliance is also aimed at making complying with anti-money laundering rules much easier.

In a blog post detailing the finer points of this new partnership, with Crystal Blockchain CEO Marina Khaustova underscored the importance of blockchain and cryptocurrency. This is particularly true these days with even traditional financial institutions adopting digital assets.

“The cryptocurrency and blockchain industries represent a growing sector that is increasingly important as companies adopt digital assets,” Khaustova said. “We are honored to be partnering with the Provident Bank to extend banking services and compliance platforms to this industry through the use of our leading compliance and AML platform.”

For its part, The Provident Bank noted how it arrived at Crystal Blockchain becoming its partner in this initiative. The bank’s CEO, Dave Mansfield said.

“Security, client data and AML compliance are top priorities for The Provident Bank. Early in the development of our digital asset initiative, we began vetting potential Regtech partners and found the expert-led Crystal Blockchain platform to be the type of essential partner required to be the market leader in crypto deposits.”

This partnership will also help with the matter of fighting money laundering via both fiat and cryptocurrency pathways, AMBCrypto reports. The bank will integrate Crystal's advanced transaction monitoring solution to provide more visibility into the activities on the public blockchain.

Thanks to the anonymity offered by crypto coins, it has become quite easy for criminals to simply convert their dirty money into digital assets and hide them. Through collaborations like this one with Bitfury and The Provident Bank, money laundering becomes much harder.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,262.10 (+0.01%)
  • Ethereum (ETH) $212.55 (+7.64%)
  • XRP (XRP) $0.306400 (+17.39%)
  • Bitcoin Cash (BCH) $326.95 (+6.45%)
  • Litecoin (LTC) $75.54 (+4.04%)
  • Bitcoin (BTC) $10,262.10 (+0.01%)
Sep 17, 2019 (Tuesday)
Wells Fargo to pilot internal blockchain-based digital currency for payments
Marsh, Arch Insurance (UK) Limited launch insurance solution for digital assets ‘Blue Vault’
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto exchange Binance backs Chinese crypto news portal Mars Finance
Crypto Technicals: XMR/USD rejected at 200-DMA, scope for resumption of weakness
Hedera Hashgraph blockchain goes live with 26 dapps
Crypto Technicals: Ethereum pauses shy of $200 mark, set to extend bullish momentum
Harbor tokenizes iCap Equity’s $100M real estate funds using ethereum blockchain
Crypto Technicals: BCH/USD fails to extends weakness below 200-DMA, retrace above will see upside resumption
Women in Leadership: Publicis Sapient hires Merril Lynch veteran Priya Bajoria as SVP Financial Services
Crypto Technicals: IOT /USD forms successive Dojis at cloud resistance, dents scope for upside continuation
Crypto payment services BitPay to roll out Ethereum support in the coming weeks
Blockchain food provenance platform OpenSC secures $4M in seed funding
Australia's REIQ partners with Igloo to develop blockchain-based tenancy agreements
Crypto exchange OKEx Korea to remove all privacy coins, including monero, dash, zcash, over FATF's 'travel rule'
Aventus unveils new ticketing protocol Aventus Classic and $15K prize for blockchain developers
C4IR UAE, World Economic Forum introduce blockchain accelerator program at Dubai's Area 2071
Sep 16, 2019 (Monday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.