The Cardano Foundation, the team behind the development of the ADA ecosystem, has teamed up with United Kingdom-headquartered blockchain analytics company Coinfirm to better ensure the regulatory compliance of the token.<\/p>\n
The Cardano Foundation will be monitoring all activities on the ADA network for signs of money laundering, terrorism financing, and other nefarious activities, thanks to Coinfirm\u2019s AML solution.<\/p>\n
The two firms have entered into a strategic partnership, according to an August 24 official announcement that will see Coinfirm\u2019s blockchain-agnostic analytics system integrated on Cardano. This collaboration will help ADA remain compliant with Anti-Money Laundering regulations issued by the Financial Action Task Force\u2019s (FATF), and other necessary requirements.<\/p>\n
As per Mel McCann, the head of Technical integrations at the Cardano Foundation, Coinfirm\u2019s AML and analytics tools will ensure transparency of the ADA blockchain, subsequently boosting the crypto\u2019s mainstream adoption.<\/p>\n
\u201cAML\/CFT analytics is essential for a cryptocurrency to receive mass adoption within regulated markets. The tools and services provided by Coinfirm enables every exchange, custodian, and all other third-parties to clearly track the history of ada held in their wallets.\u201d<\/em><\/p>\n McCann described the latest tie-up with Coinfirm as proof of the non-profit organization\u2019s commitment to \u201csupporting the adoption of the Cardano blockchain.\u201d<\/p>\n Arguably, 2021 has been a breakthrough year for cryptocurrencies. The rising popularity of crypto assets has, however, resulted in the sophistication of crypto-related scams. As such, many platforms in the industry have fallen victim to various malicious activities by bad actors.<\/p>\n Cardano creator Charles Hoskinson, for instance, recently warned users about the increase in scams and misinformation within the Cardanoverse. Hoskinson indicated that the exploits had grown tenfold from a month ago, owing to ADA\u2019s impressive rally in anticipation of the smart contracts launch.<\/p>\n With the forthcoming Alonzo deployment, Cardano will be able to onboard an array of coins directly on the blockchain. The Coinfirm partnership will make sure AML\/CFT tools are implemented with all these different assets that will be minted on Cardano.<\/p>\n Coinfirm\u2019s marketing head, Sachin Dutta, emphasized the significance of this development for Cardano\u2019s infrastructure and security of the whole blockchain sector.<\/p>\nPositive Development For Cardano<\/strong><\/h2>\n