Launched in late 2021, the Cronos Network has over 450,000 DeFi and NFT users in need of proper compliance tools.
According to a post published by Cointelegraph on Wednesday, Cronos is partnering with blockchain intelligence agency Chainalysis to enable real-time transaction monitoring tools for the Cronos token (CRO) and all CRC-20 tokens running on the Cronos network.
The new compliance integration aims to allow institutions, cryptocurrency exchanges, and digital asset funds to track CRC-20 token transactions, allowing users to monitor high volumes of activity and identify high-risk transactions. In particular, the partnership allows institutions and exchanges to focus on the most pressing issues and properly report suspicious activity.
The integration marks another milestone in the development and institutional deployment of the Cronos blockchain and digital assets hosted on Cronos. “Application developers and service providers will have access to the most advanced tools and services. The Chainalysis data platform is one such important foundation,” said Cronos CEO Ken Timsit.
As previously reported, the Cronos mainnet was launched in November 2021 to provide greater interoperability between the Cosmos and Ethereum Virtual Machine (EVM) ecosystems. Created to power decentralized finance (DeFi), non-fungible tokens (NFT), and GameFi applications, Cronos has amassed over 450,000 DeFi and NFT users, partnering with roughly 200 companies and institutions to date.
According to CoinGecko, founded in 2016, Crypto.com is one of the largest cryptocurrency exchanges in the world with an average daily trading volume of $3.3 billion at the time of writing.
In March 2021, Crypto.com launched its own open-source decentralized blockchain, Crypto.org Chain, along with its own Crypto.org Coin (CRO) token. About three months after the launch of the Cronos mainnet, Crypto.org renamed the Crypto.org coin to the Cronos token in February 2022.
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Cronos’ new compliance partner, Chainalysis, is one of the world’s largest crypto and blockchain intelligence firms, known for its work with major government agencies and financial institutions in the United States and around the world.
Last month, Chainalysis partnered with U.S. financial services organization Cross River to ensure secure cryptocurrency trading and compliance as the institution expands its crypto services. The company has previously worked with platforms such as crypto trading app Robinhood and has provided its compliance tools to CryptoKitties game developer Dapper Labs.
Cronos, an Ethereum compatible blockchain network backed by major global cryptocurrency exchange Crypto.com, is moving towards securing compliance with a new partnership.