Coinfirm, a AML/CTF risk and compliance platform, has partnered with Chinese blockchain giant NEO and blockchain venture platform QRC.
The partnership will nurture a compliant blockchain ‘smart economy’, with a particular focus in Asia, according to company.
Earlier this year, the blockchain industry was impacted by the Chinese government’s decision to ban ICOs. With the spotlight now on regulation, the three entities have teamed up to address the ‘enduring insufficiency in blockchain regulation’ and open up the entire ecosystem to the mass market, thus supporting the trend for ICO’s.
Founded in 2014, NEO is a non-profit community-based blockchain project that utilizes blockchain technology and digital identity to digitize assets, automate the management of digital assets using smart contracts, and to realize a ’smart economy’ with a distributed network.
It will partner with QRC, a RegTech specialist venture platform with a presence in the UK, Hong Kong, Japan, China, Vietnam, and Malaysia. The company is split into three areas: The QRC Hub, which is capable of designing, building and deploying RegTech tokens, QRC Institute, which works with universities to conduct blockchain research, and its investment arm QRC Ventures.
Coinfirm CEO and co-founder Pawel Kuskowski said: “The blockchain community is all about collaboration and it is a delight to join forces with two entities who share with us the vision and capacity to embed compliance in the industry.
“Launching this initiative in Asia has been particularly gratifying because of the vibrant engagement in a region that is crucial for the success of blockchain.”
RegTech startup Coinfirm provides an AML/CTF Platform, which enables the adoption of cryptocurrencies and blockchain by players in the traditional economy.
It uses proprietary algorithms and big data analysis to provide structured, actionable data to increase efficiency, reduce costs and streamline compliance to near automation. Coinfirm’s platform supports a number of cryptocurrencies such as BITCOIN, DASH, ETHEREUM and ERC20/ERC223 tokens used in ICO’s.
Earlier this month, the company exceeded its goal for the pre-sale of its AMLT token. While last month, Coinfirm partnered with Humaniq to bring financial transparency and inclusion to developing economies using Blockchain. RSK, a smart contract provider for bitcoin, also partnered with Coinfirm to address AML/CTF financing compliance for cryptocurrencies.
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Copyright © 2018 RegTech Analyst
