RSK Labs, Coinfirm Partner on Cryptocurrency AML/CTF Compliance

Announcements, Blockchain | November 23, 2017 By:

Smart contracts platform RSK Labs has teamed with blockchain RegTech company Coinfirm to address regulatory compliance issues such as anti-money laundering (AML) and counter-terrorism financing (CTF) in the cryptocurrency marketplace.

RSK Labs is the company behind the project RootStock. RootStock is the first open-source smart contract platform with a 2-way peg to bitcoin that also rewards the bitcoin miners via merge-mining, allowing them to actively participate in the smart contract revolution. The company’s mission is to add value and functionality to the bitcoin ecosystem by enabling smart-contracts, near instant payments and higher-scalability.

Coinfirm’s blockchain AML and CTF compliance platform uses proprietary algorithms and big data analytics to provide structured actionable data that increases efficiency, reduces costs and streamlines compliance to near automation, taking the process from a double digit percentage of labor and time expenses to a practical, automated utility.

Under the agreement, RSK will bring in Coinfirm’s AML/CTF platform, along with its proprietary algorithms and big data analytics, into its federation of validators. The RSK Federation provides additional services that are indispensable to use smart contracts in practical scenarios. Those services include the generation of external security checkpoints and active “oracling” services to gather information from external sources. Federation members also provide other services to RSK users such as instant peg liquidity and multisig services.

Coinfirm co-founder and CEO Pawel Kuskowski said RSK is bringing a needed element to bitcoin and taking the network and ecosystem forward.

“Coinfirm understands their importance and they understand our unique role in the future commercial and mass adoption of bitcoin so our joint relationship was a natural step for both sides,” said Kuskowski. “Together we’re going to continue pushing the further adoption of bitcoin around the world.”