Launched by the Crypto.com exchange in late 2021, the Cronos network has over 450,000 DeFi and NFT users, requiring proper regulatory compliance tools.
Cronos has partnered with blockchain analysis firm Chainalysis to enable real-time transaction monitoring tools for the Cronos Token (CRO) and all CRC-20 tokens running on the Cronos Network (formerly Crypto.org Chain).
The integration of compliance tools aims to allow institutions, cryptocurrency exchanges and digital asset funds to track CRC-20 token transactions, allowing users to highlight high volumes of activity and identify high-risk transactions. The partnership, in particular, allows institutions and exchanges to focus on the most pressing issues and properly report suspicious activity.
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The integration is another milestone in the development and institutional deployment of the Cronos blockchain and digital assets deployed on Cronos.
“Application creators and service providers will have access to the most advanced tools and services. The Chainalysis data platform is one such important foundation,” said Cronos Managing Director Ken Timsit.
As previously reported, the Cronos mainnet was launched in November 2021 with the aim of providing greater interoperability between the Cosmos (ATOM) and Ethereum Virtual Machine (EVM) ecosystems. Designed to power decentralized finance (DeFi), non-fungible tokens (NFTs), and GameFi applications, Cronos has amassed over 450,000 DeFi and NFT users by partnering with approximately 200 firms and institutions.
Crypto.com, a digital asset exchange launched in 2016, is one of the largest cryptocurrency exchanges in the world, with daily trading volumes averaging $3.3 billion at the time of writing, according to CoinGecko.
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.
Cronos’ newest compliance partner, Chainalysis, is one of the world’s largest crypto and blockchain intelligence firms, known for its collaborations with major government agencies and financial institutions in the US and around the world.
Last month, Chainalysis partnered with U.S. financial services organization Cross River to ensure secure cryptocurrency trading and regulatory compliance as the organization expands its crypto services. The firm has previously partnered with platforms such as the cryptocurrency trading app from Robinhood , and has provided its compliance tools to Dapper Labs , the creator of the CryptoKitties game.
Cronos, an Ethereum-compatible blockchain network backed by the largest global cryptocurrency exchange, Crypto.com, is committed to enforcing the terms of the new partnership.