Cronos teams up with Chainalysis to monitor CRC-20 tokens

According to an announcement, Crypto.com’s 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 functioning on its 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 them to trace enormous quantities of activity and spot high-risk transactions. The collaboration helps institutions and exchanges to concentrate on the most pressing concerns and report suspicious activity properly.

The integration marks another step forward in the growth and institutional use of the Cronos blockchain and digital assets. 

“The most powerful tools and services will be available to application developers and service providers,” stated the managing director of the company, Ken Timsit.

Cronos aiming expansion

Cronos mainnet debuted in November 2021, as previously announced, with the goal of improving interoperability between the Cosmos and Ethereum Virtual Machine (EVM) ecosystems. Cronos, which was created to facilitate DeFi, NFT, and GameFi apps, now have over 450,000 DeFi and NFT users and have formed collaborations with over 200 companies and organizations.

Crypto.com, which was founded in 2016, is one of the nation’s biggest crypto exchanges, with daily trade volumes of $3.3 billion at the time of publishing, according to CoinGecko data. It recently decided to air a campaign to support Ukraine during the Academy Awards.

Chainalysis and its partnerships

Chainalysis, Cronos’ new compliance partner, is one of the largest crypto and blockchain intelligence organizations in the world, with a track record of working with key government agencies and financial institutions in the United States and around the world.

This month, Chainalysis, which is opening a new office in Australia, teamed with the American financial services firm, Cross River to ensure secure crypto trading and compliance as the firm expands its crypto offerings. The company has already worked with platforms such as Robinhood and gave its regulatory tools to Dapper Labs, the creators of the CryptoKitties game.