Cryptocurrency maturing – Analytics and AML for XRP enabled with Coinfirm integration
With countless banks and financial service providers set to use XRP, Coinfirm has provided the first AML analytics solution for the protocol.
As the market is continuously proving, one of the largest roadblocks as well as opportunities for mass adoption of cryptocurrencies and blockchain sits around regulatory compliance and more specifically AML. With new regulations already being implemented or inbound, more and more exchanges, protocols and blockchain related projects are either self-regulating or are being required to be able to provide a high standard of AML and related analytics to be adaptable and functional in the regulated environment. For more and more regulators in key jurisdiction ability to conduct top class AML is ‘a must’ to allow coins or tokens to operate and be exchangeable.
It has gone so far that even exchanges are approaching some coins and protocols and telling them that without such an AML capability being provided that they may have to delist the coin from the exchange entirely. This is going to become a more common occurrence. Being an industry leader in bringing cryptocurrencies into the regulated financial system, Coinfirm was the first to provide such capabilities for Dash, Ethereum and ERC tokens and has continued to lead in its largest blockchain and coin market coverage with integration of XRP within the Coinfirm Platform.
Pawel Kuskowski, CEO, Coinfirm said
“The market need for blockchain AML solutions is continuing to build and we’re the only one right now that can and is providing this capability for XRP. This falls in line with our ‘blockchain agnostic” solution approach and our foundational vision to be able to service any type of blockchain and is one of many reasons why we’ve been able to successfully work with many traditional finance and blockchain industry leaders.”,
Coinfirm has already launched the service on their AML & Analytics Platform with AML Risk Reports and other solutions available while XRP will also be available soon on Coinfirm’s blockchain data crowdsourcing system AMLT Token Network. This will also be an industry first for XRP that solves a need highlighted by market leaders as it will provide the capability for the market to submit XRP address related data that provides transparency and helps fight scams, hacks and other nefarious activities thanks to the connection to the Coinfirm Platform.
Below is one of the sample Enhanced AML Risk Report generated for XRP address that belongs to crypto exchange Bittrex.