Coinfirm, a blockchain compliance & analytics platform, is set to release a dedicated token to build an open financial system and bring cryptocurrencies into the mainstream.
Its AML/CTF Platform enables the adoption of cryptocurrencies and blockchain by players in the traditional economy. Using proprietary algorithms and big data analysis, it provides structured, actionable data to increase efficiency, reduce costs and streamline compliance to near automation.
Coinfirm AML/CTF Platform supports a number of cryptocurrencies such as BITCOIN, DASH, ETHEREUM and ERC20/ERC223 tokens used in ICO’s.
The company’s token, dubbed AMLT, claims to ‘add a new level of transparency to the ecosystem’ by allowing entities to rate and provide information on other market participants into the Coinfirm AML/CTF Platform.
Coinfirm co-founder and CEO Pawel Kuskowski said: “AML is a key link in Blockchain that helps businesses and users ensure transparency and safety to protect themselves and customers and helps them grow by solving one of the largest Blockchain needs – effective compliance and AML procedures.
“We’re redefining compliance and the financial system as a whole by democratizing it so that market participants can help determine the risk-profile of others. This gives power to individuals in the market and opens up the system to entities in regions and situations that previously couldn’t access it.”
AMLT, which is set for sale later this year, enables network members to provide ratings and data on other market participants and cryptocurrency addresses.
The company claims to further help with compliance and vital regulations like anti money-laundering and countering terrorist financing across the blockchain ecosystem.
Global invests in Cryptocurrencies has rapidly grown across the first three quarters of the year, reaching $466m in Q3 2017 according to data by FinTech global. This year has seen more than $732m invested in the Cryptocurrencies sector, significantly larger than the $106.755 invested across the whole of 2016.
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