Signed strategic partnership between COSS and Coinfirm to make cryptocurrency more transparent and efficient while establishing higher trading security and opening it up to mass commercial adoption.

One of the largest recognized roadblocks to mass blockchain and cryptocurrency adoption is heavily associated with the challenges related to compliance. This also ties into another major industry concern which is security, as more and more companies are looking for ways to protect themselves and their customers from potential risks, illegal activities and fulfilling the regulatory standards.

A few years back cryptocurrency compliance was in its infancy, and was treated as an optional step in the business process. Nowadays, as the ecosystem matured, compliance is considered as a must-do and goes along with the increasing demand for the regulation of these technologies. Therefore, in the coming years, we are likely to see a further increase in the need for and the popularity of Compliance and security-related services around AML and KYC. In the future, the dissemination of these services may help to remove the high-risk association from cryptocurrencies and create a safer, more transparent and efficient financial system overall. The opportunities that come with the risks (including the risk of the unknown), are perhaps one of the strongest forces attracting venture capitalists and entrepreneurs to cryptocurrency, however, this same force may be considered a barrier for greater user adoption.

When navigating within Fintech at a speedy pace of development, companies and especially startups are often compelled to missing some of the rules or the risk-management principles simply because they cannot deal with the needed overhead time and costs or can’t deal with innovations like cryptocurrencies associated with the only exception and rule to be complied with at all times such as minding your own safety. Remember the internet in 1992? Something similar is happening in the cryptocurrency world right now, so the question is: how can you manage the potential risk for yourself and for your customers?

In a system where almost everyone is at least pseudonymous, there are users that are transacting on the dark web, and often attempt to advertise their business on e-Commerce platforms and digital marketplaces forgetting that these companies have a full set of legal obligations in the traditional world. In countries like Singapore, where cryptocurrencies are not regulated yet, but the government plans to undertake regulatory changes in the nearest future, any association with any illegal business is a no-go for a company willing to grow and prosper. Yet, when the preventative mechanism hasn't been worked out, the only solution is enhancing your own security measures and tools.    

The Singapore based COSS entered the market in April 2017 with an extremely innovative idea in mind, a one-stop solution venue for cryptocurrencies that helps to make the user experience and cryptocurrency adoption hassle-free, safe and seamless. The company believes it can propel cryptocurrency to mass adoption in a few years with its one-stop solution platform for cryptocurrency users, including the complete beginners and the online stores willing to accept payments in crypto. COSS has set the standard for verification mechanisms such as AML, KYC/KYB and CTF for its customers, whether individuals or companies, very soon coming to the realization that the above have to be addressed in a new effective manner to ensure that the platform's counterparties are not engaged in nefarious or potentially risky behavior for the platform and users. In less than 5 months of beta operation, the company rejected over 12% (39 companies out of over 300 applications) of businesses that seemed to have fled the Silk Road.  

In order to enhance its security, COSS will bring in a new level of transparency,  compliance and commercial adoptability to its customers with the help of Coinfirm’s Blockchain AML & Compliance Platform and the array of the blockchain solutions that it has designed. Coinfirm will implement wallet screening and transaction monitoring on COSS for enhanced security, transparency and trust. For example, if a user has been detected sending transactions to pay for illegal services or being involved in other nefarious activity such as money laundering or ransomware, COSS will be able to determine the potential associated risk and decide whether the entity will be allowed to make a deposit to the ewallet so that its transactions at coss.io are accepted, or not.  

The founder of COSS, Rune Evensen commented: "The areas of security, safety and transparency are of the highest importance for us here at coss.io and Coinfirm’s Blockchain AML & Compliance Platform and their vast experience and leadership in the field, add an extra ensuring layer of security. It's good to have their assistance at our disposal on-board of a developing company like COSS willing to become a safe place for trading and interaction."

COSS will implement Coinfirm’s platform with enhanced AML function on its multifunctional Crypto One-Stop Solution platform as a third-party API. The core application of the COSS platform serves as a foundation for multiple functions already. In less than 5 months of operation COSS has acquired a versatile community of users who were introduced to an entirely new user experience by means of the services integrated on COSS, e.g. the standard cryptocurrency-related services such as wallet, exchange, market cap rankings, eCommerce tools: e.g. payment gateway, POS-system, digital marketplace, merchant listing.

COSS is currently running an ICO to accomplish the next stages of the development with more functions and third-party plugins, such as B2B & P2P remittance, crowdfunding, smart contracts as a service, the ICO-related services, prepaid cards, billing in cryptocurrency, several DAO functions. Followed by the end of the Token Swap (ICO) campaign the company will introduce the enhanced AML-mechanism and the wallet screening on its crypto one-stop solution platform at coss.io.

"In our aim to be the front-runners and early adopters of any regulatory changes that might come in the near future, it is a huge advantage to have the experience and platform from Coinfirm in relation with KYC and AML procedures, and tap into that," - shared Rune Evensen.

Coinfirm’s Blockchain AML risk and compliance analysis will help make trading on COSS safer and more transparent to protect users and COSS from being exposed to risk related to the counterparties and the transactions. With enhanced AML & Compliance data sets from Coinfirm this process becomes much faster and more efficient.

“We have been genuinely impressed with the approach of the COSS team and believe that combination of COSS and Coinfirm can help set a new standard in line with our goals on the market for cryptocurrency related businesses. Not only does Rune and the COSS team have a great vision on how to help bring cryptocurrencies into the commercial and mass market but they have the proper approach and understanding when it comes to addressing AML/CTF and compliance risks in a way that is best for the growth of the ecosystem as well,” - said Pawel Kuskowski, CEO of Coinfirm.

Coinfirm’s platform is blockchain agnostic, meaning its can integrate practically any type of blockchain, and uses proprietary algorithms and risk scenarios to deliver actionable data for compliance purposes. Its API allows large commercial entities to adopt or begin using blockchain and can be used as a delivered a way for the blockchain-related companies to address the AML/CTF problem at a new level of efficiency and effectiveness allowing them to interact with the mass commercial market. In addition to its wide range of partners and users of the Coinfirm's core platform ranging from major cryptocurrencies such as Dash to large business intelligence companies like Bisnode, Coinfirm has also been testing the new solution Trudatum with multiple financial institutions such as the largest bank in Central Europe, PKO BP. Also, in the coming month’s Coinfirm is going to help pushing the transparency and efficiency of the network and its platform with the release of its AMLTOKEN that will act as the fuel for the network and reward its contributors.