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.
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.