According to a statement made on Wednesday, Cronos has teamed with Chainalysis, a blockchain intelligence firm, to allow real-time transaction monitoring capabilities for the Cronos (CRO) token and all CRC-20 tokens running on the Cronos 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 users to follow massive quantities of activity and spot high-risk transactions. The collaboration helps institutions and exchanges to concentrate on the most pressing concerns while reporting suspicious activity properly.
The integration marks a new step forward in the growth and institutional acceptance of the Cronos blockchain and digital assets. “The most powerful tools and services will be available to application makers and service providers.” Cronos’ managing director Ken Timsit described the Chainalysis data platform as “one of these critical pillars.”
Cronos mainnet started in November 2021, with the goal of bringing the Cosmos and Ethereum Virtual Machine (EVM) ecosystems closer together. Cronos, which was created to facilitate decentralised finance (DeFi), nonfungible tokens (NFT), and game-based finance (GameFi), has over 450,000 DeFi and NFT users and has formed relationships with over 200 companies and institutions.
Crypto.com, which was founded in 2016, is one of the largest cryptocurrency exchanges in the world, with daily trade volumes averaging $3.3 billion at the time of writing, according to CoinGecko data.
Chainalysis teamed up with Cross River
Crypto.com introduced the Crypto.org Chain, a decentralised open-source blockchain, in March 2021, alongside its native currency, Crypto.org Coin (CRO). In February 2022, just over three months after releasing Cronos mainnet, Crypto.org changed the Crypto.org Coin to the Cronos token.
Chainalysis, Cronos’ new compliance partner, is one of the largest crypto and blockchain intelligence organisations in the world, with a track record of working with key government agencies and financial institutions in the US and around the world.
Chainalysis teamed up 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 app, and Dapper Labs, the creator of the CryptoKitties game.
Cronos, the Ethereum-compatible blockchain network supported by Crypto.com, has entered into a new agreement to assure compliance.