Cardano under the Coinfirm umbrella | See why this is such important news
Cardano under the Coinfirm umbrella | See why this is such important news Cardano under the Coinfirm umbrella | See why this is such important news

Cardano Foundation has partnered with blockchain analytics provider Coinfirm.io. The main goal of the partnership is to ensure that Cardano’s operations comply with the Financial Action Task Force (FATF) guidelines.

Compliance “tip-top”

In a release issued this week, the Cardano Foundation said it will use Coinfirm.io analytics to ensure compliance with AML/CFT requirements.

Foundation officials said the partnership will allow for “full compliance” with FATF regulations and the sixth European Union directive issued on anti-money laundering, as well as guidance from other organizations.

Mel McCann, head of technical integration at Cardano Foundation said:

AML/CFT analysis is essential for cryptocurrency to be massively adopted in regulated markets. The tools and services provided by Coinfirm enable each exchange, custodian and all other third parties to openly track the history of ADAs held in their wallets.”

McCann also stated that the Cardano Foundation will be able to provide access to such analytics for all assets minted on the Cardano blockchain. With the impending release date of smart contracts on the Cardano blockchain approaching (September 12), the collaboration with Coinfirm appears to be of considerable importance.

What’s new in Cardano?

The last of three updates in the Alonzo suite, the long-awaited Alonzo Purple update is expected to bring full smart contract capabilities to Cardano. Since its announcement, the ADA price has risen above the $2 level for the first time in three months. Cardano’s network cryptocurrency reached a price record of $2.9174 on Monday. However, the digital asset has since started to lose value and was trading at $2.57 at the time of this writing. With a market capitalization of $83 billion, ADA recently overtook Binance Coin to gain the position of third-largestci cryptocurrencies by market capitalization as compiled by CoinMarketCap.com.

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