LONDON, November 8, 2017 /PRNewswire/ --
Coinfirm, a global leader in blockchain AML/CTF and compliance
is releasing a dedicated token, AMLT, to deliver one of the most
needed solutions for blockchain adoption by allowing market
participants to help determine the potential risk of others.
Coinfirm has been raising the standards of tech solutions for
compliance in the blockchain and financial ecosystem through their
AML/CTF Platform. The platform delivered a solution for AML/CTF
needs for cryptocurrency and blockchain-related companies that
allows for the safe adoption of cryptocurrencies and blockchain by
players in the traditional economy. AMLT adds a new level of
transparency to the ecosystem by acting as the mechanism allowing
entities to rate and provide information on other market
participants into the Coinfirm AML/CTF Platform, with AMLT as their
reward for the valid data they provided.
Coinfirm already works with world-class partners and clients
ranging from major virtual currency players such as Dash and RSK,
to leading financial institutions such as SEI. As a key link in
bringing virtual currencies and blockchain to the mass market and a
wider range of organizations, Coinfirm is introducing AMLT, its
dedicated token to build the next step towards ensuring
transparency and democratization of the financial system.
The utility token set for sale later this year allows the holder
access rights to the Coinfirm AML/CTF Platform as well as a range
of prepaid products. AMLT helps build the global standard for
AML/CTF compliant blockchain transactions and a secure, transparent
and compliant economic system that promotes financial inclusion and
fair treatment.
AMLT allows access to a reporting system that builds
transparency and democratization into the cryptocurrency
ecosystem. It does this by actively involving market participants
globally in determining the risk of others in the network. For
example, through AMLT, entities in "high risk" regions can also be
evaluated based on the existing relationship and input of other
market participants and have their risk lowered due to the positive
feedback. Network members such as exchanges or payment processors
can provide ratings and data on other market participants and
cryptocurrency addresses to enrich data, potentially warn others
about ransomware funds and be rewarded in AMLT.
In addition the blockchain agnostic Coinfirm AML/CTF Platform
supports a number of cryptocurrencies such as BITCOIN, DASH,
ETHEREUM and ERC20/ERC223 tokens used in ICO's. This will further
help with compliance and vital regulations like anti
money-laundering and countering terrorist financing across the
blockchain ecosystem. This supports a major need of the token
issuers as well as the banks that want to provide bank account
facilities to them.
Widening Financial Inclusion in Cryptocurrency
One of the more important problems that AMLT looks to solve with
the democratization model is financial inclusion. Because the
current compliance system and related tools and processes are so
ineffective, millions of individuals and entities are excluded from
the financial system as a whole. Coinfirm's platform helps solve
this by not only taking compliance effectiveness and accuracy to a
level unavailable in the traditional system, but also by providing
a model with AMLT that allows market participants to value and rate
others and bring a level of democracy to compliance. So with AMLT,
an entity existing in a high risk area can lower their risk and be
accepted by more market participants because other market
participants are able to provide data into the network that proves
the entity is trusted and safe. Millions of excluded entities will
now have the possibility to interact with the commercial financial
ecosystem on a transparent and global level..
"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." Coinfirm
Co-Founder and CEO Pawel Kuskowski
.
To be implemented into an already vibrant and active network of
players through the Coinfirm AML/CTF Platform, AMLT will have a
strong foundation with commercial adoption and use. AMLT has the
goal of building an open financial system and bringing
cryptocurrencies into the mainstream in a safe, efficient and
effective way.
About Coinfirm
Coinfirm serves as a foundation for the safe adoption and use of
blockchain. The Coinfirm AML/CTF Platform uses proprietary
algorithms and big data analysis to provide structured, actionable
data that increases efficiency, reduces costs and streamlines
compliance to near automation. A recognized leader in their field
and among the most influential blockchain and regtech companies,
the blockchain agnostic platform benefits not only companies
operating around blockchain but also major financial institutions,
asset management and BI companies. In addition, Coinfirm develops
dedicated blockchain solutions such as their data provenance
platform Trudatum, currently being piloted for adoption by multiple
financial institutions. Trudatum is an easy to use blockchain
solution to register and verify the ownership and authenticity of
any type of document, file, or data.
Find out more at http://www.coinfirm.io and
http://www.trudatum.com