August 28, 2021
Cardano Foundation, an independent Swiss-based non-profit that oversees and supervises the advancement of Cardano, has selected the leading RegTech and blockchain analytics provider Coinfirm to enhance the security of the crypto and blockchain economy, according to a statement.
By deploying advanced AML/CFT analytics, this partnership will ensure that Cardano is able to be in full compliance with the FATF’s (Financial Action Task Force) guidelines, 6AMLD and other supranational and national regulations.
“AML/CFT analytics is essential for a cryptocurrency to receive mass adoption within regulated markets. The tools and services provided by Coinfirm enables every exchange, custodian, and all other third-parties to clearly track the history of ada held in their wallets. We are proud to work with Coinfirm due to their high quality results and product offerings as the first analytics solution live on the Cardano blockchain, the partnership with Coinfirm represents our continued dedication to supporting the adoption of the Cardano blockchain,” said Mel McCann, Head of Technical Integrations.
Cardano is a growing blockchain ecosystem which is gaining fast traction with regulated financial institutions, enterprises, governments, and a large global community of blockchain startups and users. With a market cap of over US$80 billion, Cardano is currently the third largest cryptocurrency ecosystem globally with a reported user base of more than 1.3 million based on the number of unique wallets. Coinfirm represents a component of Commercially Critical Infrastructure for Cardano, which is a strategic plan by the Cardano Foundation to increase the institutional capabilities of the Cardano ecosystem.
Beyond ada, the native cryptocurrency of Cardano, Coinfirm will also be able to provide AML/CFT analytics to all assets minted on the Cardano blockchain. The growing adoption of crypto assets also increases the total level and sophistication of deceptions and theft in the industry. Forensic analysis tools enable victims to work with law enforcement agencies and third party Virtual Asset Service Providers (VASPs) to report stolen assets.
AML has become an increasingly important feature for protocols who want to be able to operate in regulated markets globally. Through AML compliance solutions governments, financial institutions, and consumers are assured that reasonable measures have been taken to reduce the risk of transactions being exposed to illicit or illegal behaviour.
“Coinfirm is excited to integrate the Cardano protocol with our AML Platform to ensure that counterparties using the ada cryptocurrency and other assets created on Cardano are not tainted by illicit funds. This provides a seamless transition for financial institutions to uptake the protocol with scale, reducing the concern of AML/CFT compliance,“ said Sachin Dutta, Head of Marketing.
Founded in 2016, Coinfirm provides a full suite of solutions for coins and protocols that automate and streamline AML and analytics for cryptocurrencies, allowing entities such as Cardano to not only fulfill their requirements but do so more effectively and efficiently than ever before. Whether AML risk reports from 330+ risk flags ranging from financial crime to counterparty identity, real-time cryptocurrency monitoring, tracking and investigation of funds, or customization of risk and analytics data.