Coinfirm, a provider of blockchain AML/CTF and compliance solutions, has exceeded its goal for the pre-sale of its AMLT token.
The RegTech company said it has passed the target ahead of its public sale scheduled for December 12th.
AMLT is the native token of the Coinfirm platform, designed to ‘enhance transparency and democratization’ within the financial system by allowing market participants to help determine the potential risk of others according to the company.
Coinfirm co-founder and CEO Pawel Kuskowski said: “AMLT is the next step in our vision for our AML/CTF Platform and is one that provides redefines compliance by giving a voice to the market itself. Our plan is not only for contributors of the AMLT crowdsale to be able to use their tokens with certain benefits on the Coinfirm AML/CTF Platform but we expect to bring higher compliance efficiency and allow for greater financial inclusion globally.”
Last month, FinTech Global reported that the company had released a dedicated token to build an open financial system and bring cryptocurrencies into the mainstream.
With the current compliance system and related tools and processes being ‘so ineffective’, millions of individuals and entities are excluded from the financial system as a whole.
The company’s AML/CTF Platform enables the adoption of cryptocurrencies and blockchain by players in the traditional economy. Using proprietary algorithms and big data analysis, it provides 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.
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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