Rootstock, the first Bitcoin layer 2, and the RIF Platform have integrated the DeFi AMLT Oracle, created by global RegTech provider Coinfirm.
All operations conducted on Rootstock 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 Rootstock protocol to get a green light for wider adoption by institutional investors and the traditional financial sector looking to gain exposure to decentralized finance.
“The Rootstock 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.” – Paweł Kuskowski, Coinfirm CEO and co-founder
Rootstock 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 the Rootstock Infrastructure Layer. Rootstock 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.
Rootstock cofounder and Diego Gutierrez Zaldivar mentioned: “The integration of Coinfirm’s DeFi AMLT Oracle to the Rootstock 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, Rootstock 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 Rootstock and RIF platforms with the company’s state-of-the-art AML Platform in March 2020.
About Rootstock
Rootstock is the first, biggest, and longest lasting Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin’s proof-of-work, with Ethereum’s smart contract capabilities.
Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless.
Rootstock 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 Rootstock.
Website | X | Developer Portal | Discord | Youtube | Blog
About Coinfirm
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. In addition to the AML Platform, the company’s services also include Trudatum, Reclaim Crypto, the all-in-one Travel Rule solution and Nodes-as-a-Service. Coinfirm is the first firm to offer an AML compliance solution to DeFi in the form of the AMLT Oracle. For more information please visit: https://www.coinfirm.com/