In Brief:
- Cardano is currently the third-largest cryptocurrency, with a market cap of more than $85 billion.
- Blockchain companies have formed various partnerships with leading AML compliance solutions to reduce the risk of transactions
The independent organization Cardano Foundation has a partnership with Coinfirm, blockchain analytics, for ADA crypto compliance.
According to announcement, the foundation said this partnership will allow for “full compliance” with FATF (Financial Action Task Force) guidelines, 6AMLD, and other supranational and national regulations.
“AML/CFT analysis is essential for a cryptocurrency to receive mass adoption within regulated market,” said Mel McCann, head of technical integrations at the Cardano foundations. “The tools and services provided by Coinfirm allow each exchange, custodian and all other third parties to clearly track the history of ada held in their wallets.”
Through the latest partnership, both are planning to enhance the security of the crypto and blockchain economy. Cardano is currently the third-largest cryptocurrency, with a market cap of more than $85 billion. Coinfirm represents a component of Commercially Critical Infrastructure for Cardano. It’s a strategic plan by the Cardano Foundation to increase the institutional capabilities of the Cardano ecosystem.
The foundation said it will provide these same analytics to all assets minted on the Cardano blockchain. AML has become an increasingly important feature for protocols who want to be able to operate in regulated markets globally. Blockchain companies have formed various partnerships with leading AML compliance solutions to reduce the risk of transactions.
“Coinfirm is excited to integrate the Cardano protocol with our AML. Platform to ensure that counterparties using the ada cryptocurrency and other assets crated on Cardano are not talented 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
