Cryptocurrency Dash has announced the direct cooperation with a blockchain compliance platform provider, Coinfirm. The partnership will create a solution for AML/KYC compliance in the cryptocurrency sector.
London-based Coinfirm will provide Dash with the ability to offer safe adoption by commercial or financial institutions that require full-fledged compliance without affecting Dash’s optional privacy features. Dash core developers say that the partnership allows traditional commerce a pathway to embracing digital currency. Dash, which stands for “digital cash,” is an open-source, decentralized currency which can be sent and received instantly with zero risk of double payment or theft. Transactions lock in a matter of seconds, allowing Dash acceptance to be feasible at the register.
Ryan Taylor, Director of Finance at Dash, said: “Coinfirm offers its customers truly world-class tools to meet regulatory requirements in an easy and effective manner. Dash benefits greatly from Coinfirm’s integration by accelerating the onboarding process for regulated businesses. By integrating Dash, Coinfirm also joins a growing list of businesses that recognize Dash’s up-and-coming status, and we’re excited about the opportunities this integration opens for our ecosystem and our users.”
With regulatory requirements differing across industries and nations, compliance can be an arduous, confusing, and costly process to implement. Coinfirm’s partnership with Dash aims to ensure the roughest friction points for investment and entrepreneurship will be mitigated.
Co-Founder and CEO of Coinfirm, Pawel Kuskowski remarked: “This partnership is a historic development for digital currencies and blockchain. We’re proving how a digital currency and compliance are able to successfully work side by side. Our mission is to make compliance automatic, seamless, and an easy-to-use utility. With a ready compliance solution, we hope to help Dash evolve into the mainstream currency that it plans and deserves to be. We can’t stress how exciting this is for us and how impressed we’ve been with Dash and their long-term approach to their ecosystem.”
The Coinfirm platform will allow for ongoing AML monitoring once fully synchronized with Dash’s blockchain. The platform will provide Dash’s corporate clients, including those who require AML/KYC compliance, with an array of solutions that fulfil and streamline processes. Verification of counterparties, automatic risk assessments, and fraud management tools will be managed and scalable by way of Coinfirm’s solutions.
Additionally, Coinfirm’s ‘Wealth Reports’ will provide Dash users with the ability to build a verifiable Dash credit history and rating. With its algorithmic scoring mechanic, entrepreneurs working with Dash will have the incentive and the infrastructure necessary to deploy new financial products and services that will meet consumer demands and grow the economy.