Charles Hoskinson responds to criticism of Cardano's Confirm partnership

Cardano founder Charles Hoskinson responded to criticism of the Cardano Foundation’s partnership with Confirm, saying it was necessary fo...



Cardano founder Charles Hoskinson responded to criticism of the Cardano Foundation’s partnership with Confirm, saying it was necessary for ADA adoption.

The Cardano Foundation announced its partnership with the blockchain analytics provider on August 24, which will see Confirm’s analyzes used to ensure compliance with frameworks such as the 6th Anti-Money Laundering Directive and Financial Action Task Force guidelines.

“The tools and services provided by Coinfirm allow every exchange, custodian and all other third parties to clearly track the ADA history kept in their wallet,” the announcement said.

However, not everyone praised the move. Yesterday, Weiss Crypto, the affiliate of financial rating firm Weiss Ratings, vehemently criticized it via a Twitter thread, calling it a “bad move overall”:

“Excessive regulation is how the banking system has been choked to death. With this announcement, it looks like ADA proudly announces that it wants to follow in his footsteps.

Weiss Crypto appeared to be quite angered by Cardano’s move towards regulatory compliance, as he claimed it was now “closer to becoming a censored, politicized and manipulated network.”

“If you take this route, there are much better tools for the job – Facebook’s Diem, CBDC and the networks they are going to emerge, ”the post read.

Weiss Crypto went on to suggest that if certain crypto projects or decentralized networks worked on regulatory compliance, it would “only guarantee your demise.”

The Ethereum co-founder and creator of Cardano responded with a video message to the thread, and stressed that “the goal and the goal has always been to build in layers, to build modules, to build ecosystems” that allow us to comply with local regulations.

“So while the base layer of the system doesn’t care if you’re from the US or China, Japan, anywhere, what you can do is add identity and metadata,” and all kinds of other things and these other things give you the ability to be in compliance with your business, regulated or not, ”he said.

Related: Cardano Millionaire Count Rises 173% After ADA Price Hits New Highs

“And that’s why these partnerships are important. They bring clarity. They provide a lot of business and technical requirements, and they allow us to improve the software for everyone everywhere, and Cardano to achieve greater adoption in all industries, regulated and unregulated, ”concluded Hoskinson.

In the middle of waiting for Cardano smart contracts scheduled to launch on September 12, the price of ADA has jumped 99% in the past 30 days, going from $ 1.27 on July 27 to around $ 2.53 at the time of writing.