UPDATED 13:05 EST / OCTOBER 11 2021

BLOCKCHAIN

Elliptic raises $60M to make cryptocurrency safer for finance

Blockchain analytics firm Elliptic Enterprises Ltd. announced today it has raised $60 million in new funds to expand its enterprise cryptocurrency asset risk management platform in the wake of increasing regulatory scrutiny.

The Series C funding round was led by Evolution Equity Partners and joined by SoftBank Vision Fund 2. Existing investors AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire and Paladin Capital Group also participated.

Founded in 2013, Elliptic began as a Bitcoin storage solution that became a blockchain analysis system that allows businesses to monitor cryptoassets and identify criminal and suspicious behaviors to manage potential risk.

The company’s solution provides an “identity layer” for blockchains that uses a number of techniques including machine learning and the infiltration of dark net marketplaces. By mapping real-world signals to the transactions on the blockchain it allows third party auditors insights into the wallets and events. This means that businesses can more easily avoid risks, comply with anti-money-laundering regulations, detect scams and conduct investigations.

“At Elliptic, we help financial institutions, from crypto exchanges to the world’s leading banks, embrace cryptoassets more safely,” said Chief Executive Simone Maini. ”This fundraising round is an endorsement of the opportunity for cryptoassets in the financial industry — and our absolutely critical role in the ecosystem.”

According to the company, more than two-thirds of crypto volume worldwide is transacted on exchanges that use Elliptic — such as Coinbase Inc., which has been a partner since 2015. Elliptic now has more than 100 customers in 29 countries and has labelled in excess of 1 billion crypto addresses. 

With the new infusion of capital, the company intends to continue to expand its research and development efforts into blockchain risk management for financial institutions and continue to invest in the global expansion of its team, especially in the United States.

“The unique nature of crypto as a maturing asset class means there is a growing need for enterprise-grade compliance and transaction monitoring tools,” said Neil Cunha-Gomes, an investor for SoftBank Investment Advisers. “Elliptic was an early mover in this space and its customizable platform is trusted by financial institutions of all sizes.”

Image: Pixabay

 


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