Give us a little summary of your background.
“I’ve worked with financial institutions around the world. In school, I was a lawyer, and also graduated with a MBA in banking and finance. I’ve done 14 years compliance.” Pawel is an impressive individual. Before starting Coinfirm, he was the Head of Regulatory Risk and Compliance at Wierzbowski Eversheds. Before that, he sat on the board of the International Compliance Association.Currently, he is the chairman of the Compliance Association of Poland. There he uses his voice on matters relating to regulatory compliance and business ethics in the financial services industry in Poland. Pawel’s company, Coinfirm, delivers a comprehensive compliance and verification platform for financial institutions, markets, merchants and individuals, creating the foundation for the adoption of digital currencies and blockchain technology. They are most known for their AML (anti-money laundering) platform, recently announced the world’s first known Ethereum Anti-money laundering and Counter Terrorism Financing analysis solution.
Can you expand on the story of Coinfirm: Why you started it in the first place, how you met your team, and where you envision it to be in the future?
I primarily started Coinfirm because I saw the growing market of cryptocurrencies, and I knew at some point there needed to be regulation. We started it two years ago. We bootstrapped, and had good founders with a mixture of experience and mixture of personalities that work extremely well.” He then went on to explain that Coinfirm’s platform uses proprietary algorithms and big data analysis to provide actionable data on blockchain transactions and parties. AMLT is the first dedicated token that will ensure transparency and democratization of the financial system by allowing market participants to help determine the potential risk of others.
What industries does Coinfirm impact and contribute to the most?
Our focus is on anti-money laundering. We are building the one stop shop for info to know your clients more, and other details.” Coinfirm’s verification platform is called Trudatum. It’s currently being piloted for adoption by multiple financial institutions.
The crypto economy is really exposed to price manipulation and fraud at the moment because there isn’t a major governing entity looking over it. But recently we see the SEC making steps to start regulating things. Where do you think the future is headed for this kind of regulation in the crypto-space?
I don’t think anything is going to limit it too much around the world. I don’t see the regulations making a negative impact. It will mostly be focused on compliance, how to conduct ICOs and customer protection.” More countries are trying to control it, but also want to allow it to grow. So the whole situation can get sticky. “These pushes are happening everywhere: Japan, Korea, Uk, and the US as well. You can do it [investing], but you need to do it ethically and also understand the risk: Money laundering and attacks.”
Tell me a little about your other projects: Trudatum and the Warsaw Block
“One of the problems with AML is showing regulators the trail of the records, Trudatum is the answer to this.” Trudatum is an easy to use and adopt blockchain solution to register and verify the ownership and authenticity of any type of document, file, or data. Trudatum came out of the Coinfirm Blockchain Lab, the first blockchain lab in Central Europe as the go-to hub for blockchain research, development and collaboration. “It’s such an exciting area, we’re at the beginning of the revolution that is happening. We want to be on top of it in terms of what it means for us and what opportunities come out of it.”Another one of his projects, the Warsaw Block, is a monthly blockchain, digital currency and startup event. “It’s great to build a community. We started it over 2 years ago with 30 people coming, now we have over 200 on monthly basis. In January, they’re doing a London Block and we hope to move it around the world.”
What resources do you use to stay updated on blockchain?
“I look at Coin Market Cap. Bloomberg and Financial Times are getting better coverage as well.”
What are you most proud of so far?
“Coinfirm, it’s compliance in a proper way, and not many companies have this focus or results. We can do AML/KYC 10x cheaper than traditional companies. This is what’s fueling the overall competitiveness of this new sector.”
Where is your favorite place to travel?
“At this point, I almost prefer staying home. I’m on the road 3 weeks to months at a time. It’s not an exciting answer, but this is how I feel.”