Charles Hoskinson, the Co-Founder and CEO of IOHK (the company that is responsible for the research and development of the Cardano protocol), has responded to Weiss Crypto Ratings\u2019 critique of a recent partnership.\u00a0<\/p>\n
On August 24, Cardano Foundation, which is \u201can independent Swiss-based non-profit that oversees and supervises the advancement of Cardano\u201d, announced that it had selected the RegTech and\u00a0blockchain\u00a0analytics firm Coinfirm to \u201cenhance the security of the crypto and blockchain economy\u201d. <\/p>\n
The press release went on to say that \u201cby deploying advanced AML\/CFT analytics, this partnership will ensure that Cardano is able to be in full compliance with the FATF\u2019s (Financial Action Task Force) guidelines, 6AMLD and other supranational and national regulations\u201d.<\/p>\n
Mel McCann, Head of Technical Integrations\u00a0at Cardano Foundation, had this to say:<\/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. <\/em><\/p>\n \u201cWe 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.<\/em>\u201c<\/p>\n In a series of tweets published on August 25, Weiss Crypto Ratings criticized Cardano Foundation for partnering with Coinfirm.<\/p>\n Weiss accused Cardano of following in the footsteps of the banking system by agreeing to excessive regulations, a move the agency said led to being \u201cchoked to death.\u201d<\/p>\n The ratings agency said Cardano\u2019s decision brought Cardano closer to being a \u201ccensorship-prone, politicized, and manipulated\u201d network. Weiss argued individual projects, rather than entire decentralized networks such as Cardano, should be liable forregulatory compliance.\u00a0<\/p>\n In reply, Hoskinson posted a video to Twitter, saying the partnership with Coinfirm provided greater clarity for the market and Cardano users. <\/p>\n According to a report by The Daily Hodl, Hoskinson said:<\/p>\n \u201cThe point and the purpose has always been building in layers, building modules, building ecosystems.<\/em><\/p>\n