Elliptic – a London-based blockchain analytics firm – has secured a $60 million Series C funding led by Japanese investment manager SoftBank Group and US multinational Wells Fargo. The funds will be used to accelerate the adoption of cryptocurrency by global financial markets.
Accelerate the adoption of cryptocurrency by large institutions
Elliptic announced the unveiling of $60 million in funding in an October 11 press release. The company plans to use the funds to expand its overseas operations and boost investment for its global network.
“At Elliptic, we help financial institutions, from cryptocurrency exchanges to the world’s leading banks, to more securely adopt crypto assets. This fundraising round is an endorsement of the opportunity for crypto assets in the financial industry – and our very crucial role in the ecosystem.”
SoftBank took part in the round through Vision Fund 2, which supports start-ups with billions of dollars. Other investors are Wells Fargo, SBI Group, Digital Currency Group, AlbionVC, Paladin Capital Group, Octopus Ventures and Evolution Equity Partners.
Between 2019 and 2020, Elliptic raised $28 million in Series B. With this new funding, the company aims to expand its global team of experts, particularly in the United States.
“We have already grown as a team of nearly 50% this year and will use that investment to grow even faster. By the end of 2022, we will grow to more than 200 eleptites globally.”
Provide security on the chain
As large organizations deal with cryptocurrencies, their demand is also for a secure and secured ecosystem. This is the reason for MasterCard acquired Blockchain intelligence company CipherTrace to provide anti-money laundering and fraud protection solutions.
One of Elliptic’s goals, as reported by PR, is to become the number one choice for institutional investors looking for blockchain analysis and data companies. This is partly due to increased regulatory pressure on the digital asset ecosystem to comply with current laws around the world.
Elliptic is one of the largest crypto and blockchain analytics companies. The company offers several techniques and tools to detect illicit crypto activity, such as mapping real-world signals to pseudonymous entities and events as well as providing risk insights to traditional financial firms.
It is also responsible for helping detect malicious software and tools provided by darknet participants. The company teamed up with third parties to identify Antinalysis, an online tool that allowed merchants to launder Bitcoin in a dark market.
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