Digital currency Dash has partnered with London-based blockchain compliance platform provider Coinfirm to develop an interwoven solution for cryptocurrency AML/KYC compliance.
Dash core developers said that the partnership “will allow traditional commerce a tried-and-true pathway to embracing digital currency, a longtime goal for evangelists.”
Coinfirm will synchronize its platform with the Dash blockchain, which will allow for continuous AML blockchain monitoring.
Once synchronized, the platform will provide Dash’s corporate clients, including those who require AML/KYC compliance, with an array of solutions that fulfill and streamline processes, Coinfirm said.
Verification of counterparties, automatic risk assessments, and fraud management tools will be managed and fully scalable by way of Coinfirm’s solutions.
Dash director of finance Ryan Taylor said: “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.”
Coinfirm co-founder and CEO Pawel Kuskowski said: “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.”
Dash is currently the world’s 8th most popular digital currency, with a market cap of approximately $77m.