TL;DR Breakdown
- Cardano Foundation is adopting AML/CFT analytics to bolster institutional adoption while also staying compliant.
- Not just ADA, the analytics covers every other cryptocurrency that will be deployed on Cardano.
The non-profit organization Cardano Foundation has collaborated with blockchain analytics provider Confirm to integrate AML/CFT compliance solutions for the Cardano blockchain, its native cryptocurrency ADA, and other cryptocurrencies that will be launched on the blockchain.
In addition to being compliant with global regulators, the foundation said the integration of the AML analytics would increase “the institutional capabilities of the Cardano ecosystem.”
Cardano Foundation enables first analytics solution on Cardano
Anti-money laundering solutions are important for crypto companies or projects to operate in regulated markets. As crypto and blockchain gain more popularity, there are chances there will be cases of theft, which necessitate forensic analysis tools so that victims and other entities will be able to track dubious transactions.
By integrating the AML analytics, the Cardano Foundation ensures illicit transactions are mitigated on the blockchain, in addition to being fully compliant with the FATF’s (Financial Action Task Force) guidelines, 6AMLD, and national regulations.
AML/CFT analytics is essential for a cryptocurrency to receive mass adoption within regulated markets.
said Mel McCann, Head of Technical Integrations at Cardano Foundation.
ADA hits new high
There has been an upsurge in the market value of ADA, the native cryptocurrency of the Cardano blockchain. On August 23, the cryptocurrency reached an all-time high of $2.97 on CoinMarketCap and its current trading at $2.66.
ADA has a market capitalization of over $85 billion, making it the third-largest digital currency. The stats have been up for the past few days, following the announcement from the founder, Charles Hoskinson, that the long-awaited Alonzo hard fork will soon be activated on the blockchain.
The Alonzo hard fork will usher in the smart contract support on Cardano, enabling developers to start building on the blockchain.
