LONDON, November 16, 2017 /PRNewswire/ --
Coinfirm and TokenMarket announced today a collaboration to bring effective anti-money laundering to the blockchain space and to ICOs.
Token sales have been a hot topic in the tech and finance world and yet the regulatory aspect and need of an end-to-end service have been seriously lacking for this growing fundraising activity. With $3.4bn raised this year through token sales, businesses are seeing a need to self-regulate through the adoption of AML practices. To further complicate this challenge, jurisdictions are adopting varying definitions and regulatory standards towards the process of token sales. Now, Coinfirm and TokenMarket are taking the necessary steps to stay ahead of the curve by ensuring the highest standards of regulatory compliance for token sales.
Coinfirm, known as a leading blockchain regtech and compliance company, has been providing compliance services for both blockchain and traditional industry players around the world through the Coinfirm AML/CTF Platform. Recently, Coinfirm announced that they were introducing a streamlined and automated AML/CTF solution for Ethereum and associated Tokens and ICOs.
As the premier platform for ICO's, TokenMarket provides a full token sale advisory service underpinned by a firm commitment to raising standards across the entire token ecosystem. TokenMarket promotes the need for those running token sales to seek solid legal advice to understand the KYC and AML requirements and as needed, adopt a solution like Coinfirm.
"We are currently experiencing unprecedented levels of interest in our token sale services and we are thrilled to be working with some of the highest profile blockchain companies to help scale up their businesses. With that comes a responsibility to ensure that we are advising our clients with the latest and best possible technology and information regarding regulation. Coinfirm represent some of the best in the regulatory space and we are very excited to be partnering with them and look forward to working together to safeguard the future of token sales," Ransu Salovaara, TokenMarket CEO, said.
Coinfirm's CEO Pawel Kuskowski also expressed his enthusiasm for the importance of the partnership. "TokenMarket represents the standard in the token sale environment, while we represent the same for regtech and compliance for blockchain. Without two entities like us coming together, the question of regulatory compliance in commercial applications towards this revolutionary process remains quite grey and prevents it from reaching its potential in the traditional and mass markets. We're here to help bring that security, confidence and growth to the process." said Kuskowski.
Coinfirm serves as a foundation for the safe adoption and use of blockchain. A recognized leader in their field and among the most influential blockchain and regtech companies, the blockchain agnostic 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. In addition, Coinfirm develops dedicated blockchain solutions such as their data provenance platform Trudatum, currently being piloted for adoption by multiple financial institutions. Coinfirm has also recently released their AMLT Token to allow for market participants to help rate others and democratize the financial system.
TokenMarket is a full ICO advisory service working with some of the brightest startups in the blockchain industry. Headquartered in Gibraltar, the company has worked with more than twenty token sales in 2017 including pioneering brands such as Storj, Civic.