The independent Swiss-based non-profit organization behind the Cardano blockchain has announced joining hands with a prominent regulatory technology solutions provider Coinfirm. The main objective behind the integration and the deployment of advanced AML/CFT analytics is to ensure ADA is in compliance with the Financial Action Task Force’s [FATF] guidelines. The latest move is also intended to enhance the security of the crypto and blockchain economy.
Mel McCann, Head of Technical Integrations at Cardano Foundation spoke about the importance of AML/CFT analytics for mass adoption of the cryptocurrency within a framework of a regulated market, and added,
“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 live on the Cardano blockchain, the partnership with Coinfirm represents our continued dedication to supporting the adoption of the Cardano blockchain.”
The foundation revealed that Coinfirm serves as a component of Commercially Critical Infrastructure for the Cardano ecosystem, a strategic plan by the organization to boost the institutional capabilities for the ADA market. Beyond the native cryptocurrency, the foundation will be leveraging Coinfirm to provide AML/CFT analytics to all the Cardano blockchain-associated assets.
Cardano aims to accommodate a number of cryptocurrencies on top of its network. While this will enhance its capabilities, it also makes the ecosystem vulnerable to a myriad of scams, theft, and money laundering, thereby promoting even more suspicion from regulatory entities toward the networks, forcing clarity to assuage the watchdogs.
Along the same lines, Sachin Dutta, Head of Marketing at Coinfirm stated,
“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.”
Cardano’s [ADA] Spectacular run-up
Over the past weeks, ADA has rallied and outpaced several top crypto-assets. Despite delays and missed deadlines, the ADA community has remained unfazed, as the coin experienced a parabolic surge to new highs this week. It was now the third-largest cryptocurrency by a market cap of $82.43 billion after overtaking Binance Coin [BNB]. Even as the broader market depicted signs of bullish exhaustion, ADA was still up by 22.96% over the past week and was currently changing hands at $2.58.