Coinfirm closes token sale on more than $19m

Coinfirm, an anti-money laundering (AML) and counter-terrorism financing (CTF) platform, has ended its token sale with more than $19m worth of AMLT Tokens.

The RegTech has ended the AMLT public sale with more-than 16,586 ETH in tokens. Following the closing of the sale, the company said it will finish KYC/AML on Feb 28th so the final amount contributed will be different in the end.

AMLT is the native token of the Coinfirm platform, designed to ‘enhance transparency and democratization’ within the financial system by allowing market participants to help determine the potential risk of others according to the company.

Pawel Kuskowski, CEO and co-founder of Coinfirm, said: “Thank you very much for the trust you put in Coinfirm and AMLT. We treat this as your commitment to the transparency and compliance of the cryptocurrency world. The Coinfirm team is committed to deliver on the promises.”

Along with the closing of the token sale, the company has also added ‘one of the industry’s most renowned lawyers, Joey Garcia, to its advisory board. Garcia of Gibraltar law firm ISOLAS has been recognised as one of the 12 best blockchain lawyers in the world by Chambers and Partners for helping shape the regulatory environment.

“For me, looking at Coinfirm, its offering and solution, the company brings a very natural professional development to the space, and actually in some circumstances even goes beyond what many financial institutions expect,” Garcia said. “As we look at legal interpretations being clarified and regulatory standards becoming more firmly set, I can really see the benefit of the Coinfim structure and that is why I was so keen to support and be involved.”

Coinfirm aims to secure the safe adoption and use of blockchain through the deployment of its AML/CTF Platform, which helps ICOs streamline and automate compliance processes.

The platform makes it possible to identify funds from risky or illegal sources and assess risks connected to dealing with contributing wallet addresses (serving BTC, ETH and Dash). By using approximately 200 proprietary algorithms and big data analysis, it provides actionable data on contributing wallet addresses. The blockchain agnostic platform claims to benefit not only companies operating around blockchain but also major financial instuitions, asset management and BI companies.

Earlier this year, Ignite, an investment intelligence and ratings platform, partnered with Coinfirm and its AML/CTF Platform to stay compliant with AML regulation during its ICO. The RegTech also recently partnered with Humaniq to bring financial transparency and inclusion to developing economies using Blockchain.  RSK, a smart contract provider for bitcoin, also partnered with the RegTech to address AML/CTF financing compliance for cryptocurrencies.

Copyright © 2018 RegTech Analyst

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