Blockchain network Cronos announced a partnership with blockchain data platform Chainalysis.
The announcement stated that the integration of the two firms will provide institutions, digital asset exchanges and cryptocurrency funds to monitor transactions of CRC-20 tokens.
Cronos is the first Ethereum-compatible blockchain network built on Cosmos SDK technology backed by Crypto.com.
Chainalysis KYT (Know Your Transaction) – the real-time transaction monitoring solution for compliance – is now available, the announcement said.
Following the partnership, users can now monitor large volumes of CRC-20 token activity and identify high-risk transactions on a continuous basis by leveraging Chainalysis.
Meanwhile, Chainalysis Reactor – the cryptocurrency investigations solution – is under development and will be available to the public later this year for enhanced due diligence for Cronos token and all CRC-20 tokens deployed on the Cronos blockchain.
The investigations solution will allow activity compliance teams to focus on urgent activities and fulfil their regulatory obligations to report any suspicious activity by receiving real-time alerts on the highest-risk activity.
The announcement also said that integration will allow further advancement in institutional adoption of the Cronos blockchain and digital assets deployed on Cronos. It will provide the tools and infrastructure necessary to meet these stakeholders’ security and compliance requirements.
“We are committed to delivering a best-in-class developer experience 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, especially for operators of onramp/offramp services and anyone who needs to identify potentially high-risk transactions,” Ken Timsit, Managing Director of Cronos, said.
“Over the past year, we’ve seen tremendous growth in DeFi and web3, and it’s still early days,” said Thomas Stanley, President & Chief Revenue Officer, Chainalysis. “We are thrilled to partner with a leader like Cronos to ensure that as this exciting ecosystem continues to grow, it does so safely and compliantly.”
With an open-source Layer 1 chain, Cronos has been aiming to massively scale the DeFi and dApp user community.
The company has been helping builders instantly port apps and crypto assets from other chains for low transaction fees, high throughput and fast finality.
Live since November 2021, Cronos mainnet is already home to more than 200 partners, 450,000 DeFi and NFT users.
Cronos is powered by the Cronos ($CRO) cryptocurrency and it counts more than ten million holders and users worldwide.