Cronos network has teamed up with blockchain analytics firm Chainalysis to allow real-time transaction monitoring capabilities for the Cronos (CRO) token and all CRC-20 tokens running on its network.
The new compliance integration intends to make it easier for institutions, cryptocurrency exchanges, and digital asset funds to manage CRC-20 token transactions, allowing them to trace enormous quantities of activity and spot high-risk transactions. The collaboration helps institutions and exchanges to concentrate on the most pressing concerns and report suspicious activity properly.
The integration marks another step forward in the growth and institutional use of the Cronos blockchain and digital assets. “The most powerful tools and services will be available to application developers and service providers.” “One of these fundamental underpinnings is the Chainalysis data platform,” stated Cronos managing director Ken Timsit.
Cronos mainnet debuted in November 2021, as previously announced, with the goal of improving interoperability between the Cosmos and Ethereum Virtual Machine (EVM) ecosystems.
Cronos, which was created to facilitate decentralized finance (DeFi), nonfungible tokens (NFT), and GameFi apps, now has over 450,000 DeFi and NFT users and have formed collaborations with over 200 companies and organizations.
Crypto.com, which was founded in 2016, is one of the world’s largest cryptocurrency exchanges, with daily trade volumes of $3.3 billion at the time of writing, according to CoinGecko data.
Crypto.com introduced the Crypto.org Chain, a decentralized open-source blockchain, in March 2021, along with its native token, Crypto.org Coin (CRO). In February 2022, just over three months after releasing the Cronos mainnet, Crypto.org changed the Crypto.org Coin to the Cronos token.
Chainalysis’ strategic partnerships
Chainalysis, Cronos’ new compliance partner, is one of the largest crypto and blockchain intelligence organizations in the world, with a track record of working with key government agencies and financial institutions in the United States and around the world.
Chainalysis teamed with Cross River, an American financial services firm, this month to ensure secure cryptocurrency trading and compliance as the firm expands its crypto offerings.
The company has already worked with platforms such as Robinhood, a crypto-friendly trading software, and gave its compliance tools to Dapper Labs, the creators of the CryptoKitties game.
Cronos, the Ethereum-compatible blockchain network supported by major global cryptocurrency exchange Crypto.com, has announced new cooperation to assure compliance.
