Cardano Foundation, the non-profit organization behind the Cardano blockchain and its native cryptocurrency, ADA, has just announced a new partnership. The foundation teamed up with a blockchain analytics provider, Coinfirm, to make sure that ADA is regulatory compliant with the guidelines of the FATF (Financial Action Task Force).
The partnership was announced yesterday, August 24th, when the Cardano Foundation stated that Coinfirm’s services will enable CFT and AML (Combating the Financing of Terrorism and Anti-Money Laundering) analytics for ADA. Thanks to the upcoming integration, Cardano and its cryptocurrency will be in full compliance with 6AMLD — the EU’s Sixth Anti-Money Laundering Directive.
This is an important development for Cardano, which has seen a massive amount of new developments, as well as a great price increase earlier this week. From January onwards, the Cardano development team has been pushing upgrade after upgrade, leading their project through a number of technological advancements.
The importance of Coinfirm’s services for Cardano’s ADA
The project is now heading towards one of its major goals of bringing smart contracts to its platform, which will enable the creation of dApps, new Cardano-based cryptocurrencies, DeFi protocols, and more. With all other improvements that Cardano has either had since the beginning, or recently saw introduced, it is becoming the biggest rival that Ethereum has seen in years.
In fact, many are wondering whether Cardano might become the fabled Ethereum Killer that has been expected ever since Ethereum’s scaling issues became too much to handle.
Mel McCann, Cardano Foundation’s head of technical integrations, commented on the new move by saying that AML and CFT analytics will be essential for the digital currency industry to progress further towards mass adoption within regulated markets. Coinfirm can provide tools and services that will allow every exchange, custodian, and any other third party to track the history of ADA coins in their wallets.
Coinfirm itself stated that it can offer the same AML and CFT analytics for all assets minted on Cardano’s blockchain. This is great news for any project that is waiting for Cardano to implement smart contracts this September, and launch their projects on it. They will be able to pursue regulatory compliance with ease thanks to the project’s new partner, which will significantly increase their odds of being accepted and pursued by investors and traders.
Cardano sees wave after wave of positive developments, hits a new ATH
Cardano has recently seen a number of other partnership announcements and plans, such as the upcoming integration with the blockchain company dcSpark. The firm announced recently that it plans to build a sidechain called Milkomedia, which will connect Ethereum and Cardano blockchains.
In other words, Cardano is already looking at new features and possibilities thanks to smart contracts, regulatory compliance for ADA and other coins within the ecosystem, plus the upcoming interoperability with none other than Ethereum itself. With all of that happening, it is not surprising that ADA price is 22% up on a weekly basis, even though its price is currently 4.75% lower than 24 hours ago, currently sitting at $2.61.
The coin actually reached a new all-time high only yesterday, hitting the price of $2.97 for the first time, and landing only three cents away from its $3 resistance. Previously, ADA’s past ATH was at $2.3, which the coin managed to hit in mid-May, right before the price crash that eventually took it to $1 around July 20th.
From that point, however, Cardano’s native coin saw a sharp recovery, resulting in yesterday’s ATH. Since then, the coin has gone down by 12% in total, but it is still 22% higher than one week ago. The surge likely came in anticipation of the smart contract implementation, and experts believe that ADA is likely to continue pushing forward, likely to $3.36 in weeks to come.