Cardano founder Charles Hoskinson has defended the Cardano Foundation’s relationship with Confirm, claiming that it was vital for adopting ADA.
Cardano x Confirm
On Tuesday, the Cardano Foundation announced a collaboration with Confirm, a blockchain analytics company. They would use Confirm’s analytics to guarantee compliance with frameworks. Such as the 6th Anti-Money Laundering Directive and the recommendations of the Financial Action Task Force.
The release stated, “The tools and services supplied by Coinfirm enable any exchange, custodian, and all other third-parties to monitor the history of ADA stored in their wallet.”
Not Everyone is Happy
However, not everyone was pleased with the decision. Weiss Crypto, a subsidiary of financial rating firm Weiss Ratings, calls it a “poor decision all-around.”
Weiss Crypto went on to say that pursuing regulatory compliance by some crypto projects or decentralised networks would only “guarantee your demise.”
Cardano Founder Responds
In a video message posted to the forum, the Ethereum co-founder and Cardano inventor underlines:
“The objective and the aim has always been developing in layers, creating modules, constructing ecosystems that allow for compliance with local legislation. While the system’s base layer doesn’t care if you’re from the United States, China, Japan, or anywhere else. What you can do is add identity, metadata, and all kinds of other things, and those other things give you the ability to comply with your business domain, regulated or otherwise. And that is why these collaborations are so crucial. They make everything clear. They give many business and technical needs. Therefore allowing us to improve the software for everyone everywhere. Moreover, Cardano to get wider acceptance in all industries, regulated and unregulated”.
The Rise of ADA
The price of ADA has risen 99% in the last 30 days. It rose from $1.27 on July 27 to roughly $2.53 at the time of writing, owing to the expectation of Cardano smart contracts, which are set to begin Sept. 12.