Coinfirm to provide Crypto.org Chain with AML RegTech

By Sunniva Kolostyak

Coinfirm, the RegTech and blockchain analytics provider, has announced a partnership with open-source blockchain Crypto.org Chain (CRO) and will provide on-chain anti-money laundering (AML) and combating the financing of terrorism (CFT) solutions.

Crypto.org Chain, a public, open-source and permissionless blockchain designed to be a public good that helps drive mass adoption of cryptocurrencies, will leverage Coinfirm’s AML/CFT infrastructure, to combat money laundering and the financing of terrorism.

At the same time, the solutions will keep the blockchain in full compliance with the guidelines of the Financial Action Task Force (FATF), 5AMLD and other supranational and national regulations.

Commenting, Pawel Kuskowski, CEO and co-founder of Coinfirm, said: “Crypto.org Chain’s potential to benefit users is extraordinary but the severe damage that bad actors can do to an ecosystem should not be underestimated. With thorough risk management and RegTech, we are proud to safeguard CRO against adverse circumstances.”

Coinfirm automates and streamlines AML and analytics for crypto assets, allowing blockchains such as Crypto.org Chain to fulfil regulatory requirements while also speeding up the process by minimising false-positive red flags with over 270 risk checks and compliance touchpoints.

The CRO ecosystem benefits users for payments, NFTs and DeFi by being a completely decentralised, high-speed and low-fees network, Kris Marszalek, CEO and co-founder of Crypto.com, said.

“At Crypto.com, security and trust are foundational to mainstream crypto adoption and we bake it into all our systems and platforms by default. Leveraging Coinfirm’s leading AML/KYC compliance and analytics brings the absolute best security defence to the recently launched Crypto.org Chain, giving our 10 million+ users the trust and peace of mind they deserve and creating a safe blockchain economy,” Marszalek said.

The Crypto.org Chain main net was launched in late March after more than two years of research and development. The nature of Chain – a public, open-source and permissionless blockchain – translates to a more transparent financial ecosystem, where millions of individual users can also contribute to network security via the Delegated Proof of Stake model by utilising the Crypto.com DeFi Wallet.