It’s an open secret that companies working with bitcoin funds have long faced challenges gaining access to banking services.
Though few are forthcoming about this business reality, the difficulties have affected startups around the globe – from the US to India and Argentina – resulting in business interruptions and attempts by industry firms to solve the problem through innovation.
A new partnership between compliance startup Chainalysis and UK financial services giant Barclays, however, could hold the keys to reversing this trend. Announced yesterday at an event celebrating the graduation of 11 startups in the most recent TechStars FinTech accelerator, the deal is an attempt by Barclays to arm its financial crime and transaction monitoring teams with the skills needed to onboard bitcoin clients.
In interview, Chainalysis co-founder and chief revenue officer (CRO) Jonathan Levin framed the deal as one that will help mark the first time that a major bank with clearing ability would be able to publicly open its business to bitcoin and blockchain industry clients.
Levin told CoinDesk:
“Barclays had a blanket no rule [for working with bitcoin companies], as do most of the banks in the UK. We’re working with the compliance division to