Cronos Forms Alliance With Chainalysis
Cronos, a blockchain network, announced a cooperation with Chainalysis, a blockchain data platform. According to the release, the merger of the two organizations will enable institutions, digital asset exchanges, and cryptocurrency funds to oversee CRC-20 token transactions. Cronos is the first Ethereum-compatible blockchain network built using Crypto.coms Cosmos SDK technology. The release stated that Chainalysis KYT (Know Your Transaction) - the real-time transaction monitoring solution for compliance - is now available. As a result of the cooperation, users may now continuously monitor huge amounts of CRC-20 token activity and identify high-risk transactions using Chainalysis. Meanwhile, Chainalysis Reactor - the cryptocurrency investigation solution - is now under development and will be made available to the public later this year for enhanced due diligence on the Cronos token and all CRC-20 tokens deployed on the Cronos network. By receiving real-time notifications on the most risky activity, the investigations solution enables activity compliance teams to focus on critical activities and meet their regulatory requirements to report any suspicious behavior. Additionally, the release stated that integration will enable institutional adoption of the Cronos blockchain and digital assets deployed on Cronos to accelerate. It will provide the tools and infrastructure necessary to meet the security and compliance requirements of these parties. “We are