Charles Hoskinson responds to criticism of Cardano’s partnership with Confirm

The founder of Cardano, Charles Hoskinson, responded to criticism of the Cardano Foundation’s association with Confirm, saying it was necessary for ADA to be adopted.

The Cardano Foundation announced on Tuesday its partnership with blockchain analytics provider Confirm, which it will enable Confirm’s analysis to be used to ensure compliance with frameworks such as the 6th Anti-Money Laundering Directive and the Financial Action Group guidelines.

The tools and services provided by Coinfirm enable every trade, custodian and all other third parties to clearly track the ADA history stored in your wallet, ”the ad reads.

Charles Hoskinson responds to criticism of Cardano’s partnership with Confirm
Charles Hoskinson responds to criticism of Cardano’s partnership with Confirm

However, not everyone was happy with the collaboration. Thursday, White crypto, the subsidiary of the financial rating company Weiss reviews, heavily criticized him in a Twitter thread, describing him as “bad move in every way”:

“The banking system has been stifled by over-regulation. With this announcement, the ADA seems proud to announce that it wants to follow in their footsteps.”

Weiss Crypto seemed quite irritated by Cardano’s move towards regulatory compliance, claiming that it is now “becoming more of a network prone to censorship, politicization and manipulation”.

“If you go that route, there are much better tools for the job: Diem of Facebook, CBDC and the networks that will emerge,” the publication said.

Weiss Crypto went on to say that if some cryptocurrency projects or decentralized networks worked towards regulatory compliance, it would “only guarantee their doom”.

The co-founder of Ethereum and creator of Cardano responded to the thread with a video message and emphasized that â ???? The sense and purpose has always been to build in layers, to build modules, to build ecosystemsâ ???? which enable compliance with local regulations. Called:

While the base layer of the system doesn’t care if you’re from the US or China, Japan or whatever, you can add identity and metadata and all sorts of things with your company’s domain, regulated or not “

“And that’s why these partnerships are important. You create clarity. They offer a wide variety of business and technical needs and allow us to make software better for everyone everywhere and for Cardano to find greater acceptance and unregulated in all regulated industries, Hoskinson concluded.

In anticipation of Cardano’s smart contracts due to hit the market on September 12th, the price of ADA has increased 99% in the last 30 days, increasing from $ 1.27 around July 27th $ 2.53 at the time of this writing.

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