WellsFargo to invest in Cryptoasset risk management company Elliptic

WellsFargo to invest in Cryptoasset risk management company Elliptic

Elliptic, the leading provider of cryptoasset risk management solutions, has announced that Wells Fargo Strategic Capital ("WFSC") has joined its Series B funding round bringing the total amount raised to over $28 million. WFSC joins a distinguished group of existing investors, including Tokyo-based SBI Group and Santander InnoVentures, which expands the list of global financial institutions backing Elliptic across the Americas, EMEA and APAC. This unique portfolio of investors will enable Elliptic to further collaborate with and serve traditional financial institutions who seek to better understand and manage any exposure to the crypto ecosystem.

In addition to fuelling its expansion in Asia, Elliptic will use the latest round of financing to hire the resources needed to accelerate the roll out of a new risk management solution for financial institutions, called Elliptic Discovery. Purpose-built for banks, Elliptic Discovery provides compliance teams with insights to identify any flow of funds into and out of cryptoassets and to better assess the risk that they pose. The new solution offers detailed transaction profiles of over two hundred global crypto exchanges, which enables financial institutions to better manage risk and meet stringent regulatory requirements.

Elliptic's global expansion coincides with a growing regulatory focus on the crypto industry and its corresponding demand for compliance solutions. The Financial Action Task Force (FATF) recently established a global regulatory framework for cryptoassets.

James Smith, CEO of Elliptic, said, "We are proud to announce Wells Fargo's investment in Elliptic. The partnership with our bank investors will further enhance our ability to better understand and work closely with financial institutions around the world to provide them with greater visibility into the cryptoasset ecosystem. Instead of leaving financial institutions in the dark regarding transactions in the emerging cryptoasset class, our aim is that Elliptic, working with financial institutions, will shine a light on any cryptoasset-linked transaction activity and enable them to manage risk accordingly."

"We are pleased to participate in Elliptic's Series B financing round and to support their mission of developing innovative risk management solutions," said Basil Darwish, managing director, Wells Fargo Strategic Capital. "Since its inception in 2013, Elliptic has been a pioneer in developing a distinctive array of data sets and transaction monitoring tools. We are excited to invest in Elliptic and to help them execute the next phase of their business plan."

Founded in 2013, Elliptic launched the world's first cryptoasset transaction monitoring and investigations software, enabling clients to investigate and detect illicit activity in digital currencies and to help financial institutions, digital wallets and payments companies to detect improper use of cryptocurrencies.  Elliptic's pioneering suite of solutions is used by over 100 clients worldwide to enhance the visibility and improve management of financial crime risk when identifying crypto-linked transactions. These companies rely on Elliptic to screen billions of dollars in transactions every day and to analyse them for links to illicit activity including money laundering, terrorist financing, sanctions evasion, and other financial crimes.

Home

Copyrights © 2020 The Unlock Company DMCC

Stay updated with the latest Blockchain news. Subscribe and never miss a story!