Sydney, Australia - 29 July 2020 - Leading commodities digitisation company, InfiniGold, and Coinfirm, the blockchain analytics and AML company, today announced a partnership to establish a new compliance and security standard for digitalised commodities, in anticipation of widening distribution of the commodities market via public blockchains or tokenised securities.
InfiniGold, who provides a white-labelled PaaS solution for the commodities industry, has already successfully rolled out Perth Mint Gold Token, the first product implemented with their platform, and starting today, the InfiniGold platform will utilise Coinfirm’s transaction monitoring solution - enabling AML compliance and ensuring against suspicious and potentially fraudulent activity, setting a new security and compliance standard for its partners.
Typically, exchanges or banks are responsible for AML compliance and transaction disclosure. However, as the issuer of PMGT, and future tokenised commodities, Infinigold understands the importance of transparency and due diligence when it comes to protecting underlying assets, especially with the opaque reserve management of other asset-backed stablecoins coming under fire.
Harnessing a range of automated risk assessments, Coinfirm's platform continuously monitors all transactions and balances in the PMGT contract. This helps identify any suspicious transactions or excessive risk—preventing or otherwise detecting money laundering, terrorism financing, and any other unauthorised interactions with the PMGT smart contract. This not only allows for greater investor peace of mind but helps legitimize the commodities digitisation sector even further.
Jon Deane, CEO of InfiniGold, said: "Integrating Coinfirm's platform into PMGT isn't solely a step forward for InfiniGold, but commodities digitisation in general. InfiniGold strives to set a standard in commodities digitisation—aiding legitimacy and complying with regulation is paramount to attain that goal."
The Coinfirm collaboration will also kit out InfiniGold with the tools to investigate the complex web of interwoven blockchain transactions in the instance that it detects or suspects suspicious transactions. This will enable InfiniGold to flag any transactions it deems unusual, ensuring that due diligence is adhered to.
With this year being tipped to be one of the worst years for cybercrime, the integration couldn't have come at a more appropriate time. According to Coinfirm CEO, Pawel Kuskowski, an aggregate of over $10 billion has been appropriated in crypto thefts, hacks, and frauds in the crypto sector to date. As such, asset protection is more important than ever.
Fortunately, with Coinfirm's integration and The Perth Mint acting as custodian of the underlying assets, PMGT is protected by an unprecedented level of security.