Popular issuer of stablecoins, Tether has partnered with INHOPE, a global network combatting online Child Sexual Abuse Material (CSAM). The blockchain firm announced the partnership in a Twitter post on Thursday. As announced, the aim of the partnership is to combat child abuse content on crypto marketplaces.
As revealed, Tether intends to collaborate with INHOPE to share information and facilitate conversations between stakeholders. In addition, the two firms intend to take action to drive bad actors out of the crypto system. Notably, Tether is the first cryptocurrency to stand with INHOPE against Child Sexual Abuse Material (CSAM).
According to Tether, it hopes to set a precedent for the industry as a whole. It also intends to develop a standard practice on how cryptocurrency businesses can easily identify and report CSAM. Additionally, the stablecoin issuer further noted that its partnership with INHOPE will increase awareness of the risks of online CSAM marketplaces in respect to cryptocurrencies. Worthy of note that Tether is recognized as a leader in transparency and a good collaborator with law enforcement agencies.
Tether CEO highlights the goals of the stablecoins issuer
Tether CTO, Paolo Ardoino has reacted to the partnership with. According to him, tether is committed towards being a positive force in the crypto space. Ardoino noted that tether intends to prove this commitment by highlighting the risks of child exploitation and help in the organization of sensible risk-mitigating controls in the crypto industry. He further revealed tether interest in improving the ability of cryptocurrency businesses to identify transfers related to online CSAM marketplace and report them to the authorities.
Notably, INHOPE has been an active fighter of internet child abuse since 1999. It has members in EU member states including Russia, South Africa, North & South America, Asia, Australia and New Zealand. As revealed, the firm began its partnership discussion with Tether during its summit. The summit entailed an honest discussion of the essential role of industry in tackling online CSAM.
INHOPE Head of Global Partnership, Samantha Woolfe also reacted to the partnership. According to her, the partnership is proof of Tether prioritizing child protection. She furthered that criminals exchanging online CSA and CSE materials in financial transactions run riot on every technology platform today. The exec further reaffirms the commitment of Tether and INHOPE to contain the criminal acts.