Cronos partners with Chainalysis for security and compliance support

Chainalysis x Cronos
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Cronos, the native token of Crypto.com’s ecosystem, has partnered with leading blockchain analytics firm Chainalysis to bring security and data services to its token.

Previously known as Crypto.com Coin, Cronos (CRO) runs on the first Ethereum-compatible blockchain network to use Cosmos SDK technology. It fluctuates towards the end of the top twenty cryptocurrencies in terms of its market capitalisation.

The partnership has already added Chainalysis KYT (Know Your Transaction) technology to the Cronos network, providing real-time transaction monitoring to enhance compliance.

It allows users to monitor CRC-20 token activity and identify high-risk or suspicious transactions.

Chainalysis reactor, a cryptocurrency investigations solution, will be available later this year to improve due diligence for Cronos and all other CRC-20 tokens deployed on the network.

The integration will further advance institutional adoption of the Cronos blockchain and digital assets deployed on Cronos, the two companies believe.

Ken Timsit, managing director of Cronos, said: “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.”

Thomas Stanley, president and chief revenue officer at Chainalysis, said: “Over the past year, we’ve seen tremendous growth in DeFi and web3, and it’s still early days. 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.”

As an open-source Layer 1 blockchain, Cronos is ambitious to scale the Defi and web3 ecosystem.

The company has been helping builders instantly port apps and crypto assets from other chains with low transaction fees and high throughput.

Cronos mainnet has been live since November 2021 and hosts more than 200 partners and 450,000 DeFi and NFT users.

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