Cronos partnership with Chainalysis to integrate real-time transaction monitoring tools track CRC-20 tokens
According to an announcement shared with Cointelegraph on Wednesday, Cronos has partnered with Chainalysis to integrate real-time transaction monitoring tools for the Cronos (CRO) token and all other CRC-20 tokens on the Cronos network.
By enabling this integration, institutions, cryptocurrency exchanges, and digital asset funds to track token transactions of CRC-20 tokens, users will be able to identify high-risk transactions and trace large volumes of activity.
Ken Timsit, Cronos' managing director, says that “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.”
With the integration, Cronos' blockchain ecosystem and digital assets have reached another milestone in the development and institutional adoption process.
Chainalysis, Cronos' new compliance partner, is an industry leader in crypto and blockchain intelligence, known for working with major financial institutions and government agencies both in the United States and abroad.
Digital assets were previously not included in bank services, but have grown tremendously over the past year, providing financial institutions with new chances to attract and retain clients.
Chainalysis has also partnered with Cross River last month to ensure compliance and safe cryptocurrency trading as Cross River expanded its crypto services. Known for providing financial services to the Fintech and crypto sectors, Cross River will become compliantly more involved in cryptocurrency trading by using Chainalysis tools.
Through Chainalysis technology integrated into Cross River's core infrastructure, crypto companies will have the ability to build and scale, while knowing that regulatory compliance and expertise are already in place.
In order to take advantage of this opportunity, Cross River provides banking and payment solutions to exchanges, NFT marketplaces, and wallet providers. As a result, they can scale quickly and effectively.
As part of the research, Cross River will also leverage Chainalysis KYT (Know Your Transaction), an application that allows compliance professionals to monitor and analyze transactions in real-time; Chainalysis Reactor, the company's investigations software; and Chainalysis Kryptos, a risk management tool for financial institutions.
Chainalysis former clients include Robinhood, a crypto-friendly trading app, and creator Dapper Labs, which provided the firm's compliance tools for the game CryptoKitties.
CBW - External Analyst