Stellar supported on Coinfirm’s AML Platform

Starting from the 16th of February, Coinfirm has introduced the support of a new protocol in the AML Platform: Stellar Lumens (XLM)!

What is Stellar?

“Stellar is an open-source network for currencies and payments. Stellar makes it possible to create, send and trade digital representations of all forms of money (…) Like Bitcoin and Ethereum, Stellar relies on blockchain to keep the network in sync, but the end-user experience is more like cash — Stellar is much faster, cheaper, and more energy-efficient than typical blockchain-based systems.

The Stellar network launched in 2015. Since then it’s processed more than 450 million operations made by over 4 million individual accounts. Large enterprise companies and companies as small as single-dev startups have chosen Stellar to move money and access new markets.” – Stellar.org

The Stellar network’s native asset are Lumens – code: XLM – broadly available on a large number of cryptocurrency exchanges and wallets.

The Stellar Development Foundation (SDF) – a non-profit organization – tends to have specific, worthwhile ideas and implements them in a simple way, thanks to which the protocol is well-organized. The SDF are very much focused on increasing crypto adoption, including DEX support, across the developing world to improve the inclusivity of finance.

The protocol is well-documented and the community is open and active (see Stellar’s Medium, blog and GitHub). At the beginning of January 2021, the Ukrainian government announced its intention to build their Central Bank Digital Currency (CBDC) using Stellar.

Coinfirm’s XLM chain support on the AML Platform covers all services available: AML Risk Reports, Visualiser, Blockchain Browser, including the adaptation of the AML model to this protocol for on-chain compliance.

About Coinfirm

Coinfirm is the world leader in blockchain analytics and regulatory technology (‘RegTech’) solutions, creating the foundation for the safe and mass adoption of blockchain and cryptocurrencies. Coinfirm specializes in blockchain AML/KYC (‘Anti-Money laundering’ / ‘Know Your Customer’) services and fraud investigations. It offers the industry’s largest blockchain coverage, supporting over 1,500 cryptocurrencies and protocols including Bitcoin and the ERC-20 standard. Coinfirm’s solutions are used by market leaders globally, ranging from crypto exchanges such as Binance, and protocols like XRP, to major financial institutions and governments. In addition to the AML Platform, the company’s services also include Trudatum, Reclaim Crypto, Reclaim Fork, the all-in-one Travel Rule solution and Nodes-as-a-Service. Coinfirm is the first firm to offer an AML compliance solution to DeFi in the form of the AML Oracle. For more information please visit; https://www.coinfirm.com/