On Monday, blockchain intelligence firm Elliptic announced that the company had raised $60 million in a Series C funding round. Elliptic plans to leverage the capital to expand the team and “accelerate” blockchain research and development (R&D).
Elliptic raises $60 million to support expansion
There have been a number of capital investments and funding injections directed at companies within the cryptocurrency ecosystem. On October 11, blockchain monitoring firm Elliptic revealed that the company had raised $60 million from strategic investors. Elliptic highlights that, Evolution Equity Partners, led the funding along with “a new investment from Softbank Vision Fund 2.” Softbank Vision Fund 2 is primarily owned by Softbank Group Corp. , a Japanese multinational holding company headquartered in Minato, Tokyo.
Elliptic also notes that Albion VC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, Signalfire and Paladin Capital Group have added to the Series C round as well. Funding will be directed toward new hires, research and development, and global expansion so that fintech participants can “seize the crypto opportunity with confidence and trust.” Elliptic was founded in 2013 and today the company claims “[leverage] More than 20 billion data points covering 98% of everyone [crypto assets] according to market value.
“At Elliptic, we help financial institutions, from cryptocurrency exchanges to the world’s leading banks, incubate [crypto assets] Simon Maini, CEO of Elliptic, said in a The statement was sent to Bitcoin.com News. “This fundraising tour is an endorsement of an opportunity [crypto assets] in the financial industry — and our very crucial role in the ecosystem.”
Elliptic raises capital in the midst of intense competition
Elliptic’s funding follows that of the company’s competitor, Chainalysis, at the end of June 2021. At the time, Chainalysis announced that the company had raised $100 million in Series E, and the added funds brought the company’s valuation to $4.2 billion. There are also dozens of blockchain monitoring companies out in the wild today. There are also blockchain intelligence companies like Alethio, Bison Trails, Blockpit, Blockmonitor, Bloxy, Postchain, Scoreshain, Sixgill, Tibco, Credits, Crystal Blockchain, Dune analytics, Madana, Bitrank, Ciphertrace, and Ocyan.
Neil Cunha-Gomez, investment advisors at SoftBank, says the financial conglomerate’s holding company is pleased to work with Elliptic.
Cunha Gomez stressed that “the unique nature of cryptocurrencies as a mature asset class means that there is a growing need for enterprise-level compliance and transaction monitoring tools.” “Elliptic has been an early mover in the industry and its customizable platform is trusted by financial institutions of all sizes. We are pleased to support Simone and the Elliptic team in their mission to enable secure crypto adoption globally,” added Softbank CEO.
What do you think about Elliptic raising $60 million in Series C? What do you think of the growth of blockchain monitoring companies? Tell us what you think about it in the comments section below.
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