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Coinfirm is using AMLT to help disarm ransomware and online fraud

Jun 29, 2018

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Recognized as a global leader in RegTech for blockchain, 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 solves compliance and transaction risk issues in blockchain and cryptocurrencies. The blockchain agnostic platform is currently used by anyone ranging from major financial institutions to exchanges. In addition, Coinfirm develops dedicated blockchain solutions such as the data provenance platform Trudatum that was recently integrated by the largest bank in CE.



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The leading blockchain regtech company has found a way to assess and manage the risks of connected with cryptocurrencies. They want to share their knowledge with the world.

Last month, scammers impersonating myetherwallet.com stole about $12.5 million from its users. Coinfirm, a global provider of technological solutions that streamline compliance processes, has found a way to help fight these online scammers. It is launching a global network and system that it has been developing over the past year that enables users across the world to not only report cryptocurrency addresses and evidence related to nefarious actors but have a system that can potentially block these nefarious actors from further= spreading risk and acting throughout the system.

The Holy Grail of Crypto world

"The platform will be available to a wide range of users within two months. The British-Polish start-up, with several offices around the world, has partnered with several major cryptocurrency players, such as DASH, TokenMarket and RSK. With TokenMarket already a commercial Network Member of the AMLT Network, entities like this in exchange for submitting addresses and evidence that is then verified by Coinfirm’s analysts, registered Network Members will receive AMLT Tokens, which they can then use to pay for services they already need such as generating AML/KYC risk reports regarding a given ICO. This way, a self-reinforcing system will emerge, in which honest users have the motivation to remove bad ones from the legal and transparent cryptocurrency economy"

Paweł Kuskowski, CEO of Coinfirm.

Black Cryptolist

As part of the AMLT, it is planned to create a global real time list of warnings against dangerous addresses. A similar concept appeared at the meeting of the Blockchain Working Group appointed by the Polish Financial Supervision Authority (KNF).AML standards - preventing money laundering and financing of terrorism, are the foundation for bringing cryptocurrencies into the traditional and mass market.

Through the platform, in a few seconds you will be able to determine the potential risk of a cryptocurrency address.

"We just recently documented the real impact of scammers by identifying nearly 1,200 scam related addresses. The transactions related to their portfolios account for 88,228 ethers, which, taking into account the current rate of this cryptocurrency, gives the equivalent of approximately USD 60 million"

Grant Blaisdell, co-founder of Coinfirm, also responsible for marketing.

In just a few years (the start-up was created in 2016) Coinfirm managed to build one of the largest blockchain databases in the world - over half a billion addresses and several billion transactions. Their solutions are used, among others by PKO BP, SEI company listed on the New York Stock Exchange, as well as banks and exchanges from Japan, Switzerland and Gibraltar, whose names cannot be disclosed.

Interview published on JUNE 12,2018 by Puls Biznesu