Cronos, a blockchain network company, has announced a partnership with Chainalysis which is a blockchain data platform. The collaboration between the two organisations would allow institutions, digital asset exchanges, and crypto funds to supervise CRC-20 token transactions. Cronos is the very first Ethereum-compatible blockchain network powered by Crypto.com’s Cosmos SDK technology.
Cronos partnership with Chainalysis
As per the statement released on the collaboration announcement, Chainalysis KYT (Know Your Transaction), a real-time transaction supervising tool for conformity, is now available. As a result, users may now utilise Chainalysis to continuously monitor huge amounts of CRC-20 token movement and identify high-risk transactions. Meanwhile, Chainalysis Reactor, the cryptocurrency investigation tool, is being developed and will be accessible to the public sometime this year for increased due diligence for Cronos currencies and any CRC-20 tokens placed on the Cronos network.
By getting real-time notifications on the highest-risk activity, the investigative approach will help activity compliance teams to focus on critical tasks while still fulfilling their regulatory requirements to report any suspicious behaviour. According to the statement, the connection would enable more institutional use of the Cronos blockchain and digital assets hosted on Cronos. It will offer the capabilities and infrastructure required to satisfy the security and compliance needs of these parties.
Cronos’ open-source Layer 1 chain aims to dramatically grow the DeFi and dApp user base. The firm has been assisting developers in rapidly porting apps and crypto resources from other networks for cheap transaction costs, high throughput, and speedy finality.
Cronos mainnet has been operational since November 2021, and it now has over 200 partners and 450,000 DeFi and NFT customers.
