LONDON, United Kingdom, April 28, 2022 – In the largest update of protocol coverage in Coinfirm’s history, the firm has added support for 840,361 new tokens to the AML Platform, offering total digital asset coverage of 17 blockchains.
Now, the company’s industry-recognized blockchain agnostic AML Platform supports ~846 thousand cryptocurrencies and tokens.
The breakdown of the newly supported coverage – including popular tokens such as ENS and APE – based on the following blockchains are:
“This expansive token coverage update strengthens Coinfirm’s position as a leading AML/CFT RegTech in the blockchain space and proof of the innovative capability of the firm.” – Coinfirm CEO, Dr. Mircea Mihaescu
Protocol coverage by Coinfirm can be checked at: https://platform.coinfirm.com/reports/supported-coins-and-tokens
What is the difference between a ‘token’ and a ‘coin’?
A coin (or cryptocurrency) is the native digital asset of a given blockchain. It is a foundation – an integral part of it – embedded in the protocol. Often created by the blockchain as a reward to miners or validators, for creating or verifying new blocks and approving transactions. Examples are BTC, ETH and ADA.
Tokens, however, are not created in the process of validating or mining the blocks – they are represented by records in blockchain registries. Tokens are typically issued on existing third-party blockchains. Unlike coins, tokens are not cryptocurrencies, but tradable units of value issued on top of a blockchain. The most common type of token is the ERC-20 standard on Ethereum. Examples are MKR, SHIB and USDT.
Coinfirm’s AML Platform is creating a safer blockchain economy by monitoring and blacklisting funds from ransomware hacks, human trafficking, sanctions evasion and terrorist financing – amongst other crimes – by risk scoring entities, addresses and transactions.
Coinfirm’s platform and services are used by governments, financial institutions, custodians, payment providers, investment funds and exchanges. The AML Platform utilises 350+ proprietary risk algorithms to provide a seamless, scalable solution to stringent regulatory requirements for both CeFi and DeFi.
Founded in 2016, Coinfirm is headquartered in London, UK, with the company retaining offices in Canada, the U.S., Poland, France and Japan. Over 250 entities have trusted Coinfirm’s RegTech solutions.
For more information, visit: https://www.coinfirm.com