Chainalysis Named Council Member of MENA Banking Group’s Digital Asset Lab

Chainalysis, a blockchain analysis firm, has been appointed as a council member of Digital Asset Lab. The firm will use its expertise to assist Emirates NBD’s lab in understanding market trends and client needs. The Digital Asset Lab’s objective is to comprehend how Emirates NBD’s customers can utilize digital assets and the associated technology.

Leveraging Chainalysis’ Compliance Expertise

Chainalysis, a blockchain analysis firm, has been appointed as a key council member of the Digital Asset Lab (DAL), which focuses on the United Arab Emirates (UAE). According to a statement, Chainalysis will provide its blockchain analysis and compliance expertise to the Digital Asset Lab as part of the arrangement.

The Middle East and North Banking (MENA) banking group, Emirates NBD, launched the Lab in May 2023. Founding council members of the Lab include PWC, Fireblock, and R3. As stated in the announcement, Emirates NBD will utilize Chainalysis’ analytics and investigative capabilities to understand market trends and client needs.

Miguel Rio Tinto, the Chief Digital and Information Officer of the banking group, is quoted in the statement suggesting that the inclusion of Chainalysis in the council will pave the way for the introduction of innovative solutions. He added:

By partnering with Chainalysis, the bank aims to provide a more transparent and reliable digital finance environment for customers, thereby fostering greater trust and confidence in the bank’s digital offerings.

Nicola Buonanno, Chainalysis’ vice president of Southern EMEA, said her firm’s collaboration with Emirates NBD through DAL will facilitate safe and transparent digital asset services. By partnering with the MENA banking group, Chainalysis will contribute to forging a resilient financial sector, fostering confidence, and further advancing the UAE’s leadership in digital asset innovation, Buonanno added.

According to the statement, the Digital Asset Lab aims to understand how Emirates NBD’s customers can leverage digital assets and the underlying technology. This understanding will enable them to manage their financial services effectively, the statement said.

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