Cronos, the first Ethereum-compatible blockchain network built on Cosmos SDK technology backed by Crypto.com, today announced a partnership with Chainalysis, the blockchain data platform. Chainalysis KYT (Know Your Transaction), the real-time transaction monitoring solution for compliance, is now available. Chainalysis Reactor, the cryptocurrency investigations solution, will be available later this year for enhanced due diligence for Cronos (CRO) token and all CRC-20 tokens deployed on the Cronos blockchain.
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.”
“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.”
The integration will allow institutions, digital asset exchanges and cryptocurrency funds to monitor transactions of CRC-20 tokens. By leveraging Chainalysis, users can monitor large volumes of CRC-20 token activity and identify high-risk transactions on a continuous basis. Real-time alerts on the highest-risk activity allow compliance teams to focus on the most urgent activity and fulfill their regulatory obligations to report any suspicious activity. The integration will further advance institutional adoption of the Cronos blockchain and digital assets deployed on Cronos, by providing the tools and infrastructure necessary to meet the security and compliance requirements of these stakeholders.
Chainalysis’s free on-chain oracle for sanctions screening is already available to decentralized web3 groups like DEXs, DeFi platforms, DAOs, and DApp developers for Cronos.
Cronos is the first Ethereum-compatible blockchain network built on Cosmos SDK technology. An open-source Layer 1 chain, Cronos aims to massively scale the DeFi and dApp (Web3) user community by providing builders with the ability to instantly port apps and crypto assets from other chains while benefiting from low transaction fees, high throughput, and fast finality.
Cronos mainnet has been live since November 2021 and is already home to more than 200 partners and more than 450,000 DeFi and NFT users. Cronos is powered by the Cronos ($CRO) cryptocurrency, which counts more than ten million holders and users worldwide.
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 70 countries. Our data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.