Some countries have blocked operations of Coinfirm. The biggest issue is US market. As a result, Coinfirm has high legal risks. Such services has very strong network effect. As a result, project has high risks in competing with interbank analogs and other project. The only few leaders should remain on the market in the future.
GitHub code is not available. Current stage of product is "Pre 1.0". Only at stage 1.0 it would be possible to purchase reports by AMLT. There is no fixed deadline, when stage 1.0 would be realised. Nowadays company promise discount rates for AMLT users, but does not state exact discount. As a result, it is not possible to calculate future value of AMLT tokens.
In fact it is b2b model. Value for private investors is unclear.
Company has not shown any financial reports, despite of the fact, that it already has clients and partnerships.
There is not enough information on LinkedIn about founders team. It seems, that team of more than 30 people is too much for current stage of the project.
Financial institution is highly depended from regulation. Global spending on anti-money laundering (AML) compliance is set to grow to more than $8 billion by 2017. It is, therefore, a costly but necessary obligation for companies, particularly when confronting the rising threat of terrorism. Blockchain is playing an increasingly prevalent role in combating money laundering and this will further highlight the commercial advantages for companies that incorporate innovation into their AML/CTF procedures. Virtual currencies are characterized by non-face-to-face customer relationships, may allow anonymous funding and can be exchanged into fiat or other virtual currencies. Anyone can download the free, open-source software from a website to send, receive, and store Bitcoins and monitor Bitcoin transactions. As a result, the absence of proper AML/CTF compliance instrument is key barrier for large financial institution for taking part in growing cryptocurrency market.
AMLT is the token for prepaid products and access rights to the network of the Coinfirm AML/CTF Platform. (Anti-Money Laundering and Counter Terrorist Financing) It is a platform for simplifying AML/CTF compliance procedures in Bitcoin, Dash and Ethereum transaction. It provides structured reports about each transaction through web-based platform or API. For conducting analysis Coinfirm use external data sources: • Internet – Coinfirm harvests data from websites, forums, blockchain explorers and more. • Deep Web – Coinfirm collects information about blockchain addresses and transactions used for illicit activities on Tor, Freenet, I2P, darknet markets and more. • Data leaks – Coinfirm monitors and harvests all relevant data leaks and indexes them for blockchain addresses and transactions. • Network Nodes – set of proprietary analysis methods and tools for acquiring information from network nodes. Post AMLT launch – Network Members, who are users of AMLT and the Platform that meet certain criteria defined by a Smart Contract, will create the entire new and effective global ecosystem for data collection and validation. Company has presented Roadmap for it’s product: • Pre 1.0 AMLT: Coinfirm AML/CTF Platform already provides AML/CTF solutions. The Coinfirm AML/CTF is blockchain agnostic and currently provides services for Bitcoin, Dash, and Ethereum. • 1.0 AMLT: AMLT and the status of Qualified User or Network Member is required for full usage of platform. Full use of the Platform include: buy a report or access the API, access the Knowledge Pool with exclusive webinars, trainings, articles, draft policies, procedures, risk matrix’s on AML/CTF. • 2.0 AMLT: AMLT Wallet integrated with the Coinfirm AML/CTF Platform. Network Members are able to provide information to the Platform about virtual currency addresses (their own and others) in exchange for participation in the Monthly Distribution of AMLT generated by the smart contract. As a result, the decentralized network would be created. However, it is not clear, when AMLT 2.0 have to be implemented.
Current business model seems extremely simple. Client could choose required level of report. Cheapest version called Basic costs only 0,1$ per address and include Risk score (C-Score), Risk rating, Recommendation, Profile. Standard report also includes Basic risk indicators, Financial indicators and costs 3$ per address. Enterprise report includes group of addresses of same user and additionally includes Entity, Domain, Full risk indicators. All types of reports is available via web-version or API.
Finance information is not available now. Hard cup of the ICO is more than 50 mln $. There is no information about soft cup. Also, there is no information about purpose of attracting money. As a result, it seems, that company want to organize huge presale and get money right now without clear understanding of further steps. Current price of report is 0,1$ per basic report, 3$ per standard report and 12,5$ per enterprise report.
Company has strong founders team with deep expertise in AML and CTF compliance procedures. Most part of founders has an experience in Royal Bank of Scotland. However, they used to work in large corporation, which is not relevant for startups. Jakub Fijolek (CTO) has unclear information on LinkedIn about his previous experience and his education. Maciej Zi´olkowski also does not have proved track record. All-in-all, team has strong member in AML and CTF industry, but technical part of the team is weak part. Now it is unclear, who would implement roadmap in real life. Also, there is no head of strategy and head of marketing in their team.