Cardano Foundation (ADA) signs on Coinfirm to comply with FATF norms 🚨 This article is 3 years old...
Cardano Foundation (ADA) signs on Coinfirm to comply with FATF norms
Cardano Foundation partnered up with Coinfirm in order to bolster the security of the crypto and blockchain economy.
2 min read
Updated: Aug. 26, 2021 at 1:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Cardano Foundation is an independent non-profit that supervises the advancement of Cardano (ADA), while protecting and promoting the protocol’s technology.
The Swiss-based foundation recently announced that it has selected a major crypto intelligence and blockchain analytics provider Coinfirm to bolster the security of Cardano, while overseeing the network’s compliance with the Financial Action Task Force’s (FATF) guidelines.
Furthering institutional capabilities and mass adoption
“This partnership will ensure that Cardano is able to be in full compliance with the FATF’s guidelines,” read the announcement, stating that the new pair up will also secure the 6th Anti-money laundering directive (6AMLD) and other supranational and national regulations are being met.
According to the announcement, Coinfirm represents a “component of commercially critical infrastructure for Cardano,” and by teaming up with a major crypto intelligence and blockchain analytics provider, the Foundation has made a big strategic move that will further the institutional capabilities of the growing ecosystem.
The new collaboration with Coinfirm is aimed at furthering Cardano’s mass adoption in regulated markets while assuring governments, financial institutions, and consumers “that reasonable measures have been taken to reduce the risk of transactions being exposed to illicit or illegal behavior.”
?Great achievement to have @Coinfirm_io AML Platform integrated with the #Cardano protocol.
This increases the institutional capabilities of Cardano #blockchain and will help achieve mass adoption of #ADA crypto in regulated markets with the use of AML/CFT analytics. ? https://t.co/lWsDCJIyxY
— Cardano Foundation (@CardanoStiftung) August 24, 2021
Beyond ADA
Cardano is an expanding blockchain ecosystem, with a strong user base of more than 1.3 million, based on the number of unique wallets.
With a current market cap of over $80 billion, the network keeps gaining fast traction across the board and Coinfirm will provide anti-money laundering and counter financing terrorism (AML/CFT) analytics not just to the native cryptocurrency, ADA, but to all assets minted on the Cardano blockchain.
“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 at Coinfirm.
AML compliance is becoming a must for protocols aiming to operate in regulated markets globally and the team behind Cardano, the world’s third-largest crypto by market cap, surely has nothing less than the entire globe in mind.
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Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
