Coinfirm together with Nigerian based KAD ICT Hub and Africa Blockchain Lab have launched a dedicated subnetwork of the AMLT Network. AMLT Network was launched along with an educational project in which potentially, thousands of Nigerians will be trained on how to find, report, and be rewarded for submitting data on cryptocurrency related scams and fraud.
AMLT Network was launched due to the exploding growth of the cryptocurrency market and the unique nature of cryptocurrency transactions, which fraudsters have a new set of sophisticated methods to target a new set of assets and victims.
Coinfirm and KAD ICT Hub are implementing their AMLT Network into the Africa Blockchain Lab to launch a dedicated network whose members will help in creating a safer cryptocurrency economy while being rewarded for doing so with AMLT tokens.
The first stage of the AMLT Network Launch is a series of trainings conducted in Kaduna, Nigeria, in which over the next 12 months there will be at least 12 training sessions for people of various levels of advancement.
Our goal is to increase awareness of not only the threat, but also the way these threats can be eliminated. For this purpose, we create an AMLT Network, we teach how to report frauds through it and, above all, how to recognize them – said Paweł Kuskowski, Co-founder and CEO of Coinfirm.
AMLT also allows users to submit positive data on trusted parties and help further bring a wider range of financial access to entities who might not have been able to before, due to their presence in what are deemed ‘high risk areas’. With a more effective and transparent AML system using Coinfirm and the AMLT Network, it will allow more individuals in what are deemed high risk areas to participate in the global financial system as it will be able to discriminate based off actions of the individual entity and not a just regional risk.
On his part the Co-Founder and CEO of the KAD ICT Hub Yusuf Bashir said “We will change the narrative from the negative perception of Africa being a hub for online fraud to a positive one with Africa taking the lead in fighting online fraud therefore helping to build a safer cryptoeconomy”