Copy link
Increase text size
Decrease text size
Link copied

New Ripple partnership represents major anti-money laundering move

Ripple.Max Pixel/Max Pixel

Fri, 28 Jun 2019, 06:01 am UTC

Money laundering is a huge issue that is tied to cryptocurrency and is one that Ripple aims to address with a new partnership. The crypto entity will be teaming up with Coinfirm, a startup that provides anti-money laundering services that include identifying if certain coins underwent suspicious transactions. This is a big move on the part of Ripple that could make it compliant with the new Financial Action Task Force (FATF) regulations.

Ripple's native token XRP is currently valued at over $20 billion, Forbes reports. The recent partnership with Coinfirm is aimed at providing more transparency with regards to the digital currency. Among the things that this new deal will do is confirm whether or not certain XRP coins are being used for money laundering.

This will place Ripple in compliance with the new FATF guidelines that were recently issued. Coinfirm will provide information on whether the cryptocurrency was processed through a mixing service, or came from a hack or theft among others.

While Coinfirm will not reveal the actual identities tied with public address, it will provide information on the risk profile of the entity that owns the address. It will also help determine if an address is owned by an exchange that allows anonymous trading.

“I won’t know who you are personally. We don’t do any personal data,” Coinfirm CEO Pawel Kuskowski said. “We argue with FATF that this is completely sufficient, and effectively it is sufficient.”

As it happens, this is a move that Ripple crucially needed to make since it is now faced with more competition. In the EU, for example, the blockchain firm is actually up against banks that are looking to move to payments using the decentralized network, Cryptonews reports. Among the biggest upcoming competitor is the Society for Worldwide Interbank Financial Communication (SWIFT).

Banks are getting squeezed by new payment systems that are more efficient, more transparent, and increasingly more preferred. Ventures like those by SWIFT to embrace blockchain technology are a means to survive the future.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,364.85 (+0.35%)
  • Ethereum (ETH) $161.52 (+0.93%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $313.48 (+1.67%)
  • Bitcoin SV (BSV) $262.53 (+1.26%)
  • Bitcoin (BTC) $8,364.85 (+0.35%)
Jan 24, 2020 (Friday)
Ripple CEO Brad Garlinghouse hints at the possibility of IPO
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Japan ruling party lawmakers to propose digital yen in February: Report
Hackers becoming more sophisticated as crypto exchanges bolster security measures: Chainalysis
Crypto Technicals: XRP/USD slips below 21-EMA, more weakness to follow
Tether launches new stablecoin backed by physical gold
Crypto exchange ErisX partners with Etale to offer new trading features
World Economic Forum launches blockchain-based supply chain traceability platform
Crypto Technicals: LTC/USD holds above 51 mark, finds strong support at daily cloud
Liechtenstein's Financial Market Authority approves ethereum-based real estate tokenized fund
Greece to extradite alleged BTC-e operator Alexander Vinnik to France after supreme court ruling
Agribusiness blockchain initiative Covantis selects ConsenSys as technology partner
Crypto exchange Binance invests in blockchain startup Numbers
Crypto Technicals: ETH/USD holds above 21-EMA and cloud support, further weakness on charts
Indian IT firm Mphasis to develop blockchain privacy-enhancing tech solutions with QEDIT
Crypto Technicals: BTC/USD extends weakness, eyes next major support at 110-EMA (8134)
Jan 23, 2020 (Thursday)
Amun lists inverse bitcoin ETP on SIX Swiss Exchange
World Economic Forum creates framework to help central banks design and deploy CBDC
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.