Cardano foundation announced their non-profitable partnership with Coinfirm to bring the ADA coin trackable.
As all of us know very well that Cardano Founder Charles Hoskinson always works on Cardano to make it available legally everywhere. Recently they succeeded in getting approval to list their native coin ADA in Japan. Now they will bring more trackable features on ADA.
According to the announcement made by the two parties Cardano & Coinfirm, the new analytics tool deployment in Cardano network will make their platform more easy to analyse the transaction and that will further help Investigation authorities to detect the Money Laundering & illegal activities easily.
The new tool deployment will act like a Financial Action Task Force that will make it possible to find the exact amount of the ADA coins stored in the wallet of users. And the analytic tool of Coinfirm will be applicable on every exchange and wallet easily.
The reason behind the implementation of AML analytics tool in ADA coin is because the team believes that their coin is getting huge popularity and huge global adoption, so people will also misuse it for illegal & scam activities. That is why we needed such tools to prevent unfair activities.
The head of Technical Integrations at Cardano Foundation, Mel McCann, stated
“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.”
McCann also said that this non-profit partnership will bring mass adoption of the Cardano Blockchain.