Cardano Foundation, an independent organization based in Switzerland, announced recently that it has selected Coinfirm, a leading blockchain analytics provider, for ADA crypto compliance.
According to an official announcement, the deployment of Coinfirm’s advanced AML 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.
Cardano Foundation supervises the advancement of Cardano, a proof-of-stake blockchain platform. According to Coinmarketcap, Cardano (ADA) is the world’s third-largest cryptocurrency with a market cap of more than $85 billion. ADA saw substantial gains this year as the digital asset jumped from $0.18 on 1 January 2021 to an all-time high of $2.95 on 24 August. Currently, ADA is trading near $2.65.
Through the latest integration of Coinfirm’s AML platform, Cardano Foundation is planning to enhance the security of the crypto and blockchain economy.
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Commenting on the recent partnership, Mel McCann, Head of Technical Integrations at Cardano Foundation, said: “AML/CFT analytics is essential for a cryptocurrency to receive mass adoption within regulated markets. The tools and services provided by Coinfirm enable 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 lives on the Cardano blockchain, the partnership with Coinfirm represents our continued dedication to supporting the adoption of the Cardano blockchain.”
AML Compliance Solutions
Due to the recent surge in the popularity of blockchain technology and cryptocurrencies, the need for AML compliance solutions has increased substantially. Blockchain companies have formed several partnerships with leading AML compliance solutions providers in 2021 to increase the security of their respective protocols.
“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,” Sachin Dutta, Head of Marketing at Coinfirm, said.