Ignite uses Coinfirm to bolster AML compliance during ICO

Ignite, an investment intelligence and ratings platform, has partnered with Coinfirm and its AML/CTF Platform to stay compliant with AML regulation during its ICO.

The company, which launched its ICO earlier this week (15^th January), is looking to raise 10 million IGNT tokens, which equals more than 66,000 ETH. Proceeds from the crowdsale will be used to develop the Ignite Ratings platform, which it claims is the world’s first, truly decentralised and self-regulating investment intelligence and ratings platform powered entirely by crowd-source opinion.

Coinfirm is a regulatory technology company with the aim of securing the safe adoption and use of blockchain through the deployment of the Coinfirm AML/CTF Platform, which helps ICOs streamline and automate compliance processes.

The platform makes it possible to identify funds from risky or illegal sources and assess risks connected to dealing with contributing wallet addresses (serving BTC, ETH and Dash). By using approximately 200 proprietary algorithms and big data analysis, it provides actionable data on contributing wallet addresses.

Ignite said it has integrated with Coinfirm so that it will have streamlined access to reports and risk scores for all of our contributor’s wallets. A higher score will reflect a higher risk with a particular wallet, with Coinfirm then providing the investment platform with further data such as behavioural profile, financial characteristics, and over 100 risk indicators.

Coinfirm is already currently in the process of running an ICO of its own. Just last month it exceeded the goal for the pre-sale of its AMLT token, with the token sale ending on the 30^th January. To date, it has raised more-than 12,800 ETH, equaling about $13.8m.

Coinfirm recently partnered with Humaniq to bring financial transparency and inclusion to developing economies using Blockchain.  RSK, a smart contract provider for bitcoin, also partnered with the RegTech to address AML/CTF financing compliance for cryptocurrencies.

Copyright © 2018 RegTech Analyst

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