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With the cryptoeconomy rising so has the incentive of nefarious actors and actions such as ransomware, cryptojacking, blackmail and other types of fraud. To address this problem Coinfirm has created the first global system of its kind that allows entities active in digital market (and their users) to submit data on suspected addresses related to nefarious actions as well as good ones. Entities that onboard themselves onto the Network as Network Members are rewarded in AMLT tokens for valid data provided, creating a global and incentivized network dedicated to financial transparency and security.
According to data by Kaspersky Lab, cybercriminals managed to take in $2.3 billion in cryptocurrency during the second quarter of this year alone and those numbers only refer to ICO scams and stolen Ethereum. A global leader in cryptocurrency regtech and AML, Coinfirm is providing the first system of its kind that helps fight nefarious cryptocurrency related actions with the AMLT Network – a global network that enables anyone to report cryptocurrency address and proof related to scams, phishing, fraud and other similar activities in the cryptoeconomy.
Fueling the Coinfirm AML/KYC Platform and members of the AMLT Network are AMLT tokens. AMLT allows both companies and individuals to report suspicious actions like ransomware, phishing or cryptojacking, and if delivered data is verified as legitimate the wallets related to the actions are are appropriately flagged to warn other users of the risk (through Coinfirm AML reports). Network Members that submitted legitimate data after analysis are rewarded with AMLT tokens, that can be used to purchase discounted AML risk reports and other solutions via Coinfirm. AMLT also allows users to submit positive data on trusted parties and help further bring a wider range of financial access to entities who might not have been able to before due to their presence in what are deemed high-risk areas.
A Network Member Profile
With Network Members ranging from cryptocurrency wallets to technology hubs, the AMLT Network will have all types of entities participating in the blockchain space in some manner. For example one of them, TokenMarket, is an industry leading service provider and launchpad for token sales. Together with TokenMarket, the AMLT Network is building a data provision network to protect ICOs, ICO platforms, contributors, as well as the token economy as a whole.
The AMLT Network sits as a part of the original vision of Coinfirm to create the most accurate and effective compliance system in the world. Not only to protect against nefarious actors and funds but also to reward the players in the economy that are acting trustfully and transparently. A system like this will both protect as well as open the global financial system up to participants who had a hard time participating before. Now we’re just going to keep adding industry players to become a part of this network and show the world that the cryptoeconomy can not only be more transparent but safer and more inclusive than the traditional one – said Paweł Kuskowski, CEO & Co-Founder of Coinfirm.
A recognized global leader in Regtech for Blockchain and Cryptocurrency, Coinfirm serves as a foundation for the safe adoption and use of blockchain. The Coinfirm AML Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that increases efficiency, reduces costs and streamlines compliance to near automation. The blockchain agnostic platform benefits not only companies operating around blockchain but also major financial institutions, asset management, and BI companies. In addition, Coinfirm develops dedicated blockchain solutions such as their data provenance platform Trudatum, currently being piloted for adoption by multiple financial institutions. Trudatum is an easy to use blockchain solution to register and verify the ownership and authenticity of any type of document, file, or data.