Bitcoin Exchange PrimeXBT Partners With Bitfury to Ensure Compliance

As Cointelegraph reported in August, BitFury launched an artificial intelligence (AI) development unit. Bitfury chief executive officer and co-founder Valery Vavilov reportedly said that the company’s AI initiative is motivated by the need to analyze and extract information from great quantities of data.

Bitcoin exchange PrimeXBT announced that it partnered with blockchain development firm Bitfury in order to ensure regulatory compliance.

According to a press release published on Sept. 9, PrimeXBT will be using Bitfury’s blockchain analytics and cryptocurrency compliance software Crystal. The exchange hopes that the implementation will heighten its Anti-Money Laundering and Combating the Financing of Terrorism policies, as well as improve client security. A PrimeXBT official said:

“As a responsible member of the global financial community we are faced with the important yet challenging task of eliminating money laundering, without sacrificing the privacy of our clients.”

PrimeXBT claims that using Crystal will ensure that all procedures comply with global regulations. An algorithm developed by Bitfury will assign a risk score to all deposits coming into the exchange and blockchain analytics will issue a warning if the assets are tied to any known bad actors or crimes.

BitFury deploys AI for its own operations

Vavilov stated that, while the firm is still developing its AI unit, it expects to have more information regarding AI-enabled products sometime next year.

Stellar Development Foundation and Keybase Jointly Launch $120M Airdrop

The Stellar Development Foundation, a non-profit founded to support the development of the open-source Stellar network, is launching a $120 million airdrop in collaboration with encrypted messenger Keybase.

According to a Sept. 9 blog post, Keybase will be giving 100 million Stellar (XLM) each month over the next 20 months to their users, which totals to 2 billion XLM, or almost $120 million. Keybase will distribute XLM among its more than 300,000 users.

*Certain conditions may apply

The foundation states that eligible participants in the airdrop must have had a Keybase account before today’s announcement or, if they are new to the messenger, must connect the Keybase account to a Github or HackerNews account that was registered before Sept. 9.

The airdrop will run for a minimum of three months, after which the Stellar Development Foundation will determine whether the program is a success and should continue.

Stellar – which is a payment technology built on the Ripple protocol –  is the 12th largest digital currency by market capitalization. At press time, XLM is trading at $0.06, having lost 0.65% over the past 24 hours, according to data from Coin360.

Stellar and blockchain development

Earlier in September, American asset management firm Franklin Templeton Investments filed a preliminary prospectus with American regulators for a government money market fund with a focus on blockchain-based shares on the Stellar Network.

In July, the Stellar Foundation, Ethereum Foundation and Fidelity began supporting a new blockchain accelerator program called Startup Studio. The project aims to provide workshops to blockchain startups to help them enhance product design, law and engineering, smart contract development and hiring – among other areas.

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