RSK, a smart contract provider for bitcoin, has partnered with RegTech startup Coinfirm to address AML/CTF financing compliance for cryptocurrencies.
The company said it will bring in Coinfirm’s AML/CTF (anti-money laundering and counter-terrorism financing) Platform into its Federation creating an ‘ecosystem that provides them with the best potential for their large-scale adoption and success’.
RSK Labs is the company behind the project codenamed ‘RootStock’, a smart contract platform with a 2-way peg to the Bitcoin Blockchain. Earlier this year, it raised $3.5m in pre-Series A funding from Anthony Di Iorio, CEO of Decentral and Jaxx, and bitcoin mining firms Bitfury and Bitmain, among others.
Coinfirm’s AML/CTF Platform streamlines and automates compliance processes for blockchain transactions. Its mission is to help with compliance and vital regulations like anti money-laundering and countering terrorist financing across the blockchain ecosystem, supporting a number of cryptocurrencies such as BITCOIN, DASH, ETHEREUM and ERC20/ERC223 tokens used in ICO’s.
Ruben Altman, RSK’s COO, said: “We are happy to welcome Coinfirm as part of the RSK Federation. We both share the vision about the importance of smart contracts powered by the Bitcoin network. Their strong commitment to compliance facilitates blockchain technologies becoming mainstream and the Internet of Value becoming a reality.”
Earlier this month, Coinfirm announced its plan to release a dedicated token, dubbed AMLT. The token will add a new level of transparency to the ecosystem by allowing entities to rate and provide information on other market participants into the Coinfirm AML/CTF Platform, with AMLT as their reward for the valid data they provided. The utility token is set for sale later this year.
The company also recently added ‘deeper strength and experience’ to its ranks by bringing in Citigroup, KPMG, Publicis Groupe and SAP Veterans to the advisory board.
Coinfirm co-founder and CEO Pawel Kuskowski added, “RSK is bringing a needed element to Bitcoin and taking the network and ecosystem forward. Coinfirm understands their importance and they understand our unique role in the future commercial and mass adoption of bitcoin so our joint relationship was a natural step for both sides. Together we’re going to continue pushing the further adoption of bitcoin around the world.”
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Copyright © 2018 RegTech Analyst