Article

Product update: Crystal adds Tron support in the latest product update.

by the Crystal product team

December 14, 2022

The TRON network has earned tremendous traction in recent years, with over 114 million blockchain users and trending up, with 3.9 billion transactions. TRON hosts the largest supply of stablecoins globally.

Crystal Monitor now supports TRX and 45 TRC20 tokens, including USDT and USDC.   

The TRON network has earned tremendous traction in recent years, with over 114 million blockchain users and trending up, with 3.9 billion transactions. TRON hosts the largest supply of stablecoins globally. TRON is dedicated to revving the decentralization of the Internet via blockchain technologies and decentralized applications. Established in September 2017 by H.E. Justin Sun, the TRON network has delivered outstanding achievements since the MainNet launch in May 2018. In July 2018, TRON acquired the ecosystem of BitTorrent, a pioneer in decentralized services with over 100M monthly active users.  This essential product update includes support for TRX. TRX is currently in the top 20, with over $5 billion in market capitalization. Approximately 7 million daily transactions occur in the network; on average $150M worth of TRX.     

Faster access with Crystal Software Development Kit (SDK)  

In our latest release, we implemented the Crystal Software Development Kit (SDK) for the API endpoints of Crystal Monitor. The SDK will allow users to integrate Crystal API more quickly and smoothly and to configure the integration.   

Crystal SDK includes:  

  • API objects, including transfer, customer, etc.  
  • API client that receives the API configuration and provides methods to call Crystal API endpoints.  
  • Flexible configuration for handling cases of API unavailability or delayed transfers processing  
  • Built-in notification server for processing requests from the Crystal side  

 New Entity Types and Categories to help Manage Risk Profiles  

We have updated the entity types and we are now introducing new categories that will help users understand risk profiles better.  

The new categories and their default risk score in the Crystal profile are now: 

1. Exchange Licensed – Risk score 10% 

 The entity holds a business license specific to crypto assets, including custody, exchange, brokerage, or any other related financial service. It provides an exchange service where participants interact with a central party (the entity). It does not include non-specific financial service licenses and jurisdictions listed as non-cooperative with FATF. 

2. Exchange Unlicensed – Risk score 60% 

The entity does not hold any specific business license for crypto assets and provides an exchange service where participants interact with a central party (the entity). It includes licensed entities but in jurisdictions listed as non-cooperative with FATF. 

3. P2P Exchange Licensed – Risk score 10% 

The entity holds a business license specific to crypto assets, including custody, exchange, brokerage, or any other related financial service. It provides an exchange service where participants exchange directly with each other. It does not include non-specific financial service licenses and jurisdictions listed as non-cooperative with FATF. 

4. P2P Exchange Unlicensed – Risk score 60% 

The entity does not hold any specific business license for crypto assets and provides an exchange service where participants exchange directly. It includes licensed entities but in jurisdictions listed as non-cooperative with FATF. 

5. Enforcement Action – Risk Score 75% 

The entity is subject to legal proceedings. Jurisdictions will be annotated as a subtype.  

In addition, we have created a new Risk Score Profile ‘recommended by Crystal’, which now considers the specifics of each entity type. Users can enable it in the Risk Score Profiles section.  

Contact the team at contact@crystalblockchain.com to learn more about our solutions and our latest features. We’re happy to assist you!

Similar news...

Article

by the Crystal product team

December 14, 2022

Product update: Crystal adds Tron support in the latest product update.

Crystal Monitor now supports TRX and 45 TRC20 tokens, including USDT and USDC.    The TRON...

Read more

December 14, 2022

Product Update

by the Crystal product team

October 18, 2022

Crystal’s Beta VASP-Check Solution For Banks & FIs

Crystal has introduced new functionality – watchlist, alerts and stats to identify possible risks with...

Read more

October 18, 2022

Product Update

by the Crystal analytics team

April 1, 2022

Crystal added new entity categories & supports ERC-20 tokens

Crystal has introduced six new entity categories to strengthen compliance procedures and expanded the support...

Read more

April 1, 2022