In a press release, the crypto exchange crypto.com announced its plans to partner with the blockchain analyst, Chainalysis. This alliance aims to aid the incorporation of CRO, the native token of crypto.com, with a network of the same exchange. However, they noted that at the heart of this alliance is the pressing security issues.
Based on the press release, the alliance will support the security of the crypto.org exchange network, leveraging on the skillset and tools of Chainalysis.
These tools to be used include the state-of-art risk management software of Chainalysis, which is used basically by authorities and managements in monitoring on-chain criminal activities. This is much needed considering the increase in the frequency of hacks.
Another tool that the partnership will use is the Chainalysis KYT that is built mainly for monitoring transactions in terms of compliance.
The Chainalysis KYT has a very friendly user interface, various blockchain intelligence-gathering tools and a real-time API for calling information of transactions.
Adding his comments on the partnership, Antonio Alvarez, the Chief Compliance Officer of Crypto.com, said that their top and major priority at Crypto.com has always been to keep every user assets and account safe. He said that they are happy to collaborate with Chainalysis in identifying weak points susceptible to attacks by implementing the best implementation through the lens of improved, innovative technology.
The Expansion of Crypto.com
For a while, the firm has been on a fruitful product development spree which is due to the increase in the demands in the crypto space.
Right after the announcement of the Chainalysis collaboration, the firm announced that its leading and thriving services will now include ADA (Cardano), XLM (Stellar Lumens). The native token of these two crypto projects has experienced an explosion in the past few months.
A major factor in the explosion of the price is the inclusion of XLM and ADA in Investment packages like the Grayscale investments’ Trusts. These trusts provide an avenue for Institutional investors such as MicroStrategy to invest in altcoins easily.
Also, Crypto.com is leveraging on the shooting interest from payment giants like MasterCard and Visa in the space. It was announced that last week, Visa announced a collaboration with a cryptocurrency exchange.