From now on, Cronos will use the “Know Your Transaction” (KYT) service from Chainalysis. KYT reliably identifies suspicious and high-risk transactions in a payment network or in the order books of an exchange. In this way, Cronos intends to monitor all transactions involving the CRO token, as well as all transactions involving the supported CRC-20 tokens. The CRC-20 standard, similar to Ethereum’s well-known ERC-20 standard, is a framework for tokens on a blockchain.

Cronos, often referred to as the “Internet of Blockchains,” was created based on the Cosmos Software Development Kit and focuses on interoperability across a variety of blockchains.

In this way, Cronos is primarily popular with developers of blockchain games, NFTs, and in the decentralized financial services (DeFi) sector. Cronos primarily wants to ensure the security of its ecosystem with this move. In the recent past, there have been several attacks on so-called blockchain bridges. Some of these resulted in damages in the triple-digit millions.