For the first time, a major digital currency, Dash, has announced the direct cooperation with a blockchain compliance platform provider, Coinfirm. The partnership creates the first interwoven solution for AML/KYC compliance in cryptocurrency, the fastest-growing sector in finance.
London-based Coinfirm will provide Dash with the capacity for safe adoption by commercial or financial institutions that require full-fledged compliance without affecting Dash’s optional privacy features. Coinfirm’s solution provides the growing Dash market with the opportunity and option to use Dash through regulated services, if they choose, while preserving Dash privacy. Dash is currently the world’s 8th most popular digital currency, with a market cap of approximately $77 million.
Dash core developers say that the partnership allows traditional commerce a tried-and-true pathway to embracing digital currency, a longtime goal for evangelists. Dash, which stands for “digital cash,” is considered by experts to be a vastly improved version of Bitcoin, the world’s first cryptocurrency. An open-source, decentralized currency, Dash can be sent and received instantly with zero risk of double payment or theft. Transactions lock in a matter of seconds, allowing Dash acceptance to be feasible at the register.
“Coinfirm offers its customers truly world-class tools to meet regulatory requirements in an easy and effective manner. Dash benefits greatly from Coinfirm’s integration by accelerating the onboarding process for regulated businesses. By integrating Dash, Coinfirm also joins a growing list of businesses that recognize Dash’s up-and-coming status, and we’re excited about the opportunities this integration opens for our ecosystem and our users,” Ryan Taylor, Director of Finance at Dash, said.
With regulatory requirements differing across industries and nations, compliance is an arduous, confusing, and costly process to implement. Coinfirm’s partnership with Dash ensures the roughest friction points for investment and entrepreneurship will be mitigated.
“This partnership is a historic development for digital currencies and blockchain. We’re proving how a digital currency and compliance are able to successfully work side by side,” said Pawel Kuskowski, Co-Founder and CEO of Coinfirm. “Our mission is to make compliance automatic, seamless, and an easy-to-use utility. With a ready compliance solution, we hope to help Dash evolve into the mainstream currency that it plans and deserves to be. We can’t stress how exciting this is for us and how impressed we’ve been with Dash and their long-term approach to their ecosystem.”
The Coinfirm platform will allow for ongoing AML monitoring once fully synchronized with Dash’s blockchain. The platform will provide Dash’s corporate clients, including those who require AML/KYC compliance, with an array of solutions that fulfill and streamline processes. Verification of counterparties, automatic risk assessments, and fraud management tools will be managed and fully scalable by way of Coinfirm’s powerful solutions.
Beyond its use for commercial adoption, Coinfirm’s unique “Wealth Reports” will provide Dash users with the ability to build their verifiable Dash credit history and rating. With an accurate and trusted algorithmic scoring mechanic, entrepreneurs working with Dash will have the incentive and the infrastructure necessary to deploy new financial products and services that will meet consumer demands and grow the economy.
Coinfirm is a blockchain AML/KYC risk and compliance platform that provides seamless and cost-effective compliance for blockchain-based transactions and allows for the adoption of digital currencies and blockchain. The platform applies proprietary algorithms that result in actionable conclusions for AML/CFT compliance, credit risk assessment, and increased efficiency.
The Coinfirm platform is also blockchain agnostic, meaning it can be applied to public blockchains such as Bitcoin and Dash as well as private blockchains such as those in development by financial institutions. Currently, Coinfirm monitors transactions in real-time in Bitcoin and now Dash, applies over 110 scenarios combined with real data such as company name or website, and then adds traditional data from third party providers for sanctions, PEPs, and connected parties. This gives a fully-fledged AML/KYC/Sanctions solution for blockchain-based transactions. For traditional sectors like banks, Coinfirm provides data about companies transacting in digital currencies so that institutions can properly assess the risk associated with clients, allowing access to new tiers of clientele.