Elliptic, a London-based blockchain analytics company, has received $60 million in Series C financing from SoftBank Group (Japan) and Wells Fargo (USA). These funds will be used for cryptocurrency adoption in global financial markets.
Large Institutions Accelerate Cryptocurrency Adoption
Elliptic disclosed the $60 million raised in a press release issued on October 11th. The funds will be used by the company to expand overseas operations and to promote global investment.
“At Elliptic we help financial institutions from crypto exchanges and the top banks in the world to embrace cryptoassets safer. This round of fundraising is a validation of the potential for cryptoassets within the financial industry, and our crucial role in the ecosystem.
SoftBank participated through its Vision Fund 2, which supports billion-dollar startups. Wells Fargo and SBI Group were also investors.
Elliptic raised $28 million in Series A funding between 2019 and 2020. The firm plans to increase its international team of experts, particularly in the United States, with this new funding.
“We have already grown as a team by almost 50% this year, and will use this investment for even greater growth.” We will reach more than 200 Elliptites worldwide by the end of 2022.
Provide On-Chain Security
Large institutions are increasingly using cryptocurrencies and demand a safe and secure ecosystem. Mastercard bought blockchain intelligence company CipherTrace from the bank to offer anti-money laundering solutions and fraud protection.
According to the PR, Elliptic’s goal is to be the top choice for institutional investors looking for blockchain analysis and data companies. This is due in part to the increasing regulatory pressure on digital assets ecosystems to adhere to existing laws around the world.
Elliptic is a major crypto and blockchain analytics firm. It offers a variety of tools and techniques to detect illicit cryptocurrency activity. This includes mapping real-world signals and events to pseudonymous entities, as well as risk insights for traditional financial institutions.
It also assists in the detection of malicious software and tools offered by darknet participants. It worked with other parties in order to identify Antinalysis as an online tool that allowed merchants and banks to transact Bitcoin on a darknet market.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.