The first analytics/compliance solution for the Cardano network has gone live after the Cardano Foundation, a Swiss-based non-profit foundation that oversees the advancement of the cryptocurrency, selected blockchain analytics firm Confirm to deploy anti-money laundering and combating the financing of terrorism (AML/CFT) analytics on it.
According to a press release, the partnership will allow the Cardano network to be able to be in full compliance with the Financial Action Task Force’s (FATF’s) guidelines as well as “other supranational and national regulations.”
Mel McCann, Head of Technical Integration at the Cardano Foundation, was quoted saying:
AML/CFT analytics is essential for a cryptocurrency to receive mass adoption within regulated markets.
McCann added that the tools and services Confirm will provide enable “every exchange, custodian, and all other third-parties to clearly track the history of ADA held in their wallets.” The move is part of the Cardano Foundation’s strategic plan to increase the institutional capabilities of Cardano.
Confirm will not only be providing AML and CFT analytics for Cardano’s native Ada token, but also for every other asset minted on the cryptocurrency’s blockchain. Its tool will help law enforcement agencies and third-party Virtual Asset Service Providers support victims of theft on the blockchain.
The press release details these solutions allow “governments, financial institutions, and consumers” to be assured reasonable measures have been taken to reduce the risk of transactions being exposed to illicit behavior.
Cardano has become the third-largest cryptocurrency by market capitalization this month. Its price has been surging ahead of a major upgrade to the network that will introduce smart contracts, allowing it to compete with rivals such as Ethereum and the Binance Smart Chain.
As CryptoGlobe reported, last month ADA’s popular Yoroi wallet launched a decentralized application connector that will make it easier for users to interact with smart contracts and these applications once they go live on the Cardano network.
Some decentralized platforms are already preparing to go live on the Cardano network. Cardax, the first decentralized exchange set to launch on it, recently raised $1.5 million from its first community sale.
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