Crypto.com’s Cronos partners with Chainalysis to track CRC-20 tokens

Diagram Ethereum

Crypto.com’s Cronos partners with Chainalysis to track CRC-20 tokens

Launched in late 2021, the Cronos network has amassed over 450,000 DeFi and NFT users, requiring proper compliance tools.

Cronos has partnered with the blockchain intelligence firm Chainalysis to enable real-time transaction monitoring tools for the Cronos (CRO) token and all CRC-20 tokens running on the Cronos network, according to an announcement shared with Cointelegraph on Wednesday.

The new compliance integration aims to enable institutions, cryptocurrency exchanges and digital asset funds to track transactions of CRC-20 tokens, allowing users to trace large volumes of activity and identify high-risk transactions. The partnership specifically allows institutions and exchanges to focus on the most urgent issues and properly report suspicious activity.

The integration is yet another milestone in the development and institutional adoption of the Cronos blockchain and digital assets deployed on Cronos. “Application builders and service providers will have access to the most advanced tools and services. The Chainalysis data platform is one of these essential foundations,” Cronos’ managing director Ken Timsit said.

As previously reported, Cronos mainnet launched in November 2021, aiming to provide greater interoperability between the Cosmos and Ethereum Virtual Machine (EVM) ecosystems. Designed to support decentralized finance (DeFi), nonfungible tokens (NFT) and GameFi applications, Cronos has amassed more than 450,000 DeFi and NFT users, inking partnerships with about 200 firms and institutions so far.

Launched in 2016, Crypto.com is one of the world’s largest cryptocurrency exchanges, with daily trading volumes averaging $3.3 billion at the time of writing, according to data from CoinGecko.

In March 2021, Crypto.com launched its own decentralized open-source blockchain, the Crypto.org Chain, alongside its native token, Crypto.org Coin (CRO). Just about three months after launching Cronos mainnet, Crypto.org rebranded the Crypto.org Coin to the Cronos token in February 2022.

Cronos’ new compliance partner, Chainalysis, is one of the world’s largest crypto and blockchain intelligence firms, known for cooperating with major government agencies and financial institutions in the United States and worldwide.

Last month, Chainalysis partnered with the American financial services organization Cross River to ensure safe cryptocurrency trading and compliance amid the institution expanding its crypto services. The firm previously collaborated with platforms like the crypto-friendly trading app Robinhood and provided its compliance tools to the CryptoKitties game creator Dapper Labs.

Cronos, the Ethereum-compatible blockchain network backed by the major global cryptocurrency exchange Crypto.com, is moving to ensure compliance with a new partnership.

Rate article
( No ratings yet )
FORECRYPTO