Place/Date: London, UK - March 25th, 2021 at 9:11 am UTC · 4 min read
Contact: Gloria Vailati, Source: IOV Labs
RSK Bitcoin Smart Contract network and the RIF Platform have integrated the DeFi AMLT Oracle, created by global RegTech provider Coinfirm.
All operations conducted on RSK’s protocol will be fully covered with automated proprietary risk assessments from Coinfirm’s C-score based on 270+ red flag algorithms. The use of the Oracle enables the RSK protocol to get a green light for wider adoption by institutional investors and the traditional financial sector looking to gain exposure to decentralized finance.
Paweł Kuskowski, Coinfirm CEO and co-founder, said:
“The RSK smart contract network has been able to make the digital gold of Bitcoin become a more impactful, viable currency. RIF’s DeFi stack aids the underbanked and with the support of Coinfirm’s DeFi AMLT Oracle, the network can counter malicious threats more efficiently and keep in compliance with regulators. The evolution of this partnership, how both firms are exploring the DeFi sphere, is a mirror image of the industry as a whole embracing decentralized finance.”
RSK Infrastructure Framework (RIF), a suite of open and decentralized infrastructure protocols aimed at fostering Decentralized Sharing Economies, enables faster, easier and scalable development of distributed applications (dApps) within a unified environment. It’s native token, the RIF token is used to consume services built on top of RSK Infrastructure Layer. RSK will continue to keep the best-in-class security of their smart contract-based ecosystem and interoperability of applications whilst proactively addressing regulatory AML / KYC (Anti-Money Laundering / Know Your Customer) compliance requirements, implementing a fully institutional investor ready framework.
RSK Co-founder and IOVlabs CEO Diego Gutierrez Zaldivar mentioned:
“The integration of Coinfirm’s DeFi AMLT Oracle to the RSK platforms adds another important building block to the Open Financial Ecosystem on Bitcoin. DeFi for Bitcoin has been gaining momentum and this integration will enable this market to flourish in a secure and compliant manner protecting individual investors, institutions and other participants in the market”.
Last year the DeFi AML Oracle was unveiled by Coinfirm and is the first regulatory technology solution for AML compliance in the decentralized finance space. By leveraging Anti-Money Laundering in DeFi, RSK’s network will have all the benefits the innovation brings whilst maintaining institutional-grade compliance. This announcement marks the first official commercial use case of the AMLT Oracle.
This news further strengthens the collaboration between IOV Labs and Coinfirm, after Coinfirm provided the RSK and RIF platforms with the company’s state-of-the-art AML Platform in March 2020.
RSK blockchain is the most secure smart contract platform in the world, secured by Bitcoin’s unparalleled hash power via merge-mining that adds value and functionality to the bitcoin ecosystem by enabling smart-contracts, near instant payments, and higher-scalability.
The network scales to up to 100 transactions per second without sacrificing decentralization, and reduces storage and bandwidth using probabilistic verification, fraud detection, and more.
RSK Infrastructure Framework (RIF) is is a suite of open and decentralized infrastructure protocols that enable faster, easier and scalable development of distributed applications (dApps) within a unified environment to enable mass adoption of Bitcoin and RSK.
Coinfirm is the world leader in blockchain analytics and regulatory technology (‘RegTech’) solutions, creating the foundation for the safe and mass adoption of blockchain and cryptocurrencies. Coinfirm specializes in blockchain AML/KYC (‘Anti-Money laundering’ / ‘Know Your Customer’) services and fraud investigations. It offers the industry’s largest blockchain coverage, supporting over 1,500 cryptocurrencies and protocols including Bitcoin and the ERC-20 standard. Coinfirm’s solutions are used by market leaders globally, ranging from crypto exchanges such as Binance, and protocols like XRP, to major financial institutions and governments. Coinfirm is the first firm to offer an AML compliance solution to DeFi in the form of the AMLT Oracle.
The fuel for the AMLT Oracle and the industry-leading Coinfirm AML Platform, AMLT tokens are the reward for stakers, liquidity and information providers who report nefarious cryptocurrency addresses related to ransomware, hacks, scams, and other crypto-based crime. AMLT allows for the transparency and democratization of the financial system by actively involving market participants in countering malicious actors. It allows network members to provide information, rate other market participants and determine the related risk to entities and counterparties using virtual currencies.