In an industry first, a major cryptocurrency, Dash, has partnered with a global blockchain compliance platform provider, Coinfirm. The cooperation creates the first interwoven solution for AML/KYC compliance in digital currency, the fastest-growing sector in finance.
Dash will get the capacity for safe adoption by financial or commercial institutions that necessitate full-fledged compliance without affecting the cryptocurrency’s optional privacy features, said a Dash-Coinfirm joint press release CoinReport received. London-based Coinfirm’s solution enables the growing Dash market to use the digital currency through regulated services, if they choose, while preserving the digital currency privacy.
At present, Dash is the 8th most popular cryptocurrency of the world, with a market cap of approximately $77 million.
According to the release, Dash core developers say that the partnership allows conventional commerce a tried-and-true route to embracing cryptocurrency, a longtime goal for evangelists. Dash, which stands for “digital cash,” says the release, is considered by experts to be an immensely enhanced version of world’s first digital currency, bitcoin. A decentralized, open-source currency, Dash can be sent and received instantly with zero risk of double payment or theft, with transactions locking in a matter of seconds, allowing Dash acceptance to be viable at the register.
“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,” said Ryan Taylor, director of finance at Dash.
Compliance is a difficult, confusing and expensive process to implement because regulatory requirements differ across nations as well as industries. The Dash-Coinfirm partnership, say both the entities, ensures the roughest friction points for entrepreneurship and investment will be mitigated.
“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,” said Pawel Kuskowski, co-founder and CEO of Coinfirm. “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.”
Once fully synchronized with Dash’s blockchain, the Coinfirm platform will allow for ongoing AML monitoring, providing the cryptocurrency’s corporate clients, including the ones that require AML/KYC compliance, with a variety of solutions that fulfill and streamline processes. Coinfirm’s powerful solutions, says the press release, will manage and fully scale fraud management tools, automatic risk assessments and verification of counterparties.
Dash users also will be able to create their verifiable Dash credit history and rating with Coinfirm’s unique “Wealth Reports.” The release said with a trusted and accurate algorithmic scoring mechanic, businesspersons working with Dash will have the inducement and the substructure essential to deploy new financial products and services that will meet consumer demands and grow the economy.
Image – Courtesy of Dash via PR firm Wachsman PR