According to an announcement shared on Wednesday, Cronos has teamed with blockchain intelligence firm Chainalysis 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 is designed to allow institutions, cryptocurrency exchanges, and digital asset funds to track CRC-20 token transactions, allowing users to trace massive quantities of activity and identify high-risk transactions. The collaboration, in particular, enables institutions and exchanges to focus on the most pressing concerns and properly report suspicious conduct.
The integration marks yet another step forward in the evolution and institutionalization of the Cronos blockchain and digital assets deployed on it. “Application developers and service providers will have access to cutting-edge tools and services.” “One of these critical underpinnings is the Chainalysis data platform,” stated Cronos managing director Ken Timsit.
Cronos mainnet is set to deploy in November 2021, 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, has over 450,000 DeFi and NFT users and has 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 averaging $3.3 billion at the time of writing, according to CoinGecko data.
Crypto.com established its own decentralized open-source blockchain, the Crypto.org Chain, in March 2021, alongside its native token, Crypto.org Coin (CRO).In February 2022, just 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 world’s largest crypto and blockchain intelligence organizations, well-known for its collaboration with major government agencies and financial institutions in the United States and around the world.
Chainalysis teamed with the American financial services firm Cross River last month to ensure secure cryptocurrency trading and compliance as the firm expanded its crypto offerings. Previously, the company worked with platforms such as the crypto-friendly trading app Robinhood and gave compliance tools to Dapper Labs, the creators of the CryptoKitties game.
Cronos, the Ethereum-compatible blockchain network sponsored by the leading global cryptocurrency exchange Crypto.com, has entered into a new agreement to assure compliance.