Weiss Crypto, the subsidiary of financial ratings firm Weiss Ratings, slammed Cardano’s partnership with Confirm, describing it as a “bad move all around.”
Cardano founder Charles Hoskinson has responded to criticism over the Cardano Foundation’s partnership with Confirm, saying it was necessary for the adoption of ADA.
The Cardano Foundation announced its partnership with the blockchain analytics provider on Tuesday, which will see Confirm’s analytics being utilized to ensure compliance with frameworks such as the 6th Anti-Money Laundering Directive and Financial Action Task Force’s guidelines.
“The tools and services provided by Coinfirm enables every exchange, custodian, and all other third-parties to clearly track the history of ADA held in their wallet,” the announcement read.
Weiss Crypto appeared to be quite irritated with Cardano’s move toward regulatory compliance as it asserted that it is now “closer to becoming a censorship-prone, politicized, and manipulated network.”
Weiss Crypto went on to suggest that if some crypto projects or decentralized networks worked toward regulatory compliance, it would “only guarantee your demise.”
The Ethereum co-founder and Cardano creator responded with a video message in the thread and emphasized that “the point and the purpose has always been building in layers, building modules, building ecosystems” that enable compliance with local regulations.
“So while the base layer of the system doesn’t care if you’re from the United States or China, Japan, wherever, what you can do is add identity and metadata and all kinds of other things
Amid the anticipation of Cardano smart contracts, which are slated to launch on Sept. 12, the price of ADA has surged 99% over the past 30 days, increasing from $1.27 on July 27 to sit at around $2.53 at the time of writing.
Leave a Reply
You must be logged in to post a comment.