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.

Pavan A
CBW - External Analyst
INDIA