Digital asset firm and the largest issuer of stablecoin, Tether has partnered with INHOPE, a leading global network combating online Child Sexual Abuse Material (CSAM) to combat the illicit use of financial transactions for online child exploitation. Tether confirmed the development in a blog post on Wednesday, adding that its partnership with INHOPE is focused on intensifying efforts to prevent the illicit use of financial transactions including cryptocurrencies and stablecoins in online child exploitation.
Bringing in its wealth of experience as the most used stablecoin and industry leader in transparency, Tether is setting new industry standards with its advanced monitoring systems and safety protocols. Through its partnership with various exchanges, hotlines, and law enforcement agencies, Tether has also been able to play a crucial role in identifying and disrupting illicit transactions associated with child sexual abuse material.
It is worth noting that this partnership underscores the fintech industry’s committment to protecting children and underage, further highlighting the importance of collaborative efforts. Through its collaboration with INHOPE, Tether has taken a significant step towards enhancing industry-wide protection against financial platform exploitation. Furthermore, this partnership marks another milestone for both organizations in their quest to create a safer digital landscape, showcasing the critical role financial institutions play in combating online child exploitation.
Tether CEO, Paola Ardoino reacts to the partnership
Meanwhile, the chief executive officer at Tether, Paolo Ardoino has shared his insight on the partnership. Ardoino emphasized the strength of blockchain technology in bringing transparency and accountability to financial transactions, making it the right tool in combating illegal activities. The ceo added that by extending its partnership with INHOPE, Tether reinforces its commitment to responsible innovation and safeguarding the integrity of digital assets.
The head of global partnership and network expansion at INHOPE, Samantha Woolfe also reacted to the partnership with Tether. Woolfe appreciated Tether’s commitment to strengthening its partnership, highlighting the crucial role the cryptocurrency industry plays in combating CSAM. She also added that both parties will continue to work together to strengthen global efforts in detecting, reporting, and removing CSAM, ensuring a safer digital environment for everyone.
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