In the latest from the world’s third-largest cryptocurrency, which has gone from strength to strength this month, the Cardano Foundation is partnering with blockchain analytics provider Coinfirm.io to ensure the network complies with the Financial Action Task Force’s guidelines.
Fast facts
- In a company announcement this week, the Cardano Foundation said it would be using Coinfirm.io’s analytics to ensure it remains compliant with anti-money laundering and counter-financing terrorism requirements. The foundation said the partnership will allow for “full compliance” with FATF and European Union’s Sixth Anti-Money Laundering Directives, as well as with those of other supranational organizations.
- Mel McCann, head of technical integrations at the foundation, said: “AML/CFT analytics is essential for a cryptocurrency to receive mass adoption within regulated markets. The tools and services provided by Coinfirm enables every exchange, custodian, and all other third parties to clearly track the history of ADA held in their wallets.”
- The foundation also said it will be able to provide these same analytics to all assets minted on the Cardano blockchain. This is set to become increasingly important as the blockchain prepares for the full launch of the Alonzo Purple hardfork on Sept. 12. The final of three upgrades in the Alonzo suite, the highly anticipated Alonzo Purple upgrade is expected to bring full smart contract capabilities to the network.
- ADA — the native currency of the network — has been on a record run since the Alonzo Purple upgrade announcement last week helped push its price over the US$2 mark for the first time in three months. It went on to reach an all-time high of US$2.9174 on Monday, but has since begun losing ground and is trading at US$2.63 at press time. With a market cap of US$84.3 billion, ADA recently overtook Binance Coin to have the third-largest market cap according to data from CoinMarketCap.com.