Curv Taps Elliptic to Enhance Crypto Wallet AML Compliance

Curv, an institution-focused cryptocurrency wallet, has partnered with Elliptic, a crypto Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term firm, to increasing anti-money laundering (AML) compliance of the multicurrency-wallet.

As shared with Finance Magnates, Curve will now integrate Elliptic transaction risk score into its wallet platform.

“This functionality will continue to pave the way for institutional adoption. As we know, one of the major hurdles to the widespread adoption of crypto is the risk of association with bad actors. Now, institutions leveraging Curv-Elliptic can represent compliance controls that are even more advanced than those of traditional markets,” Curv COO Josh Schwartz told Finance Magnates.

Curv offers crypto storage services primarily to institutions, including exchanges, custodians, OTC Desks OTC Desks Over-the-counter (OTC) desks facilitate the trading of securities that are unlisted on a formal exchange due to various reasons. This can encompass many different asset classes, most notably cryptocurrencies.Often times, due to economies of scale, smaller companies are unable to comply with the listing requirements of formal exchanges or reconcile large fees required by the big industry players. In this scenario, OTC trading desks play a major role, enabling Peer-to-Peer (P2P) crypto trades thro Over-the-counter (OTC) desks facilitate the trading of securities that are unlisted on a formal exchange due to various reasons. This can encompass many different asset classes, most notably cryptocurrencies.Often times, due to economies of scale, smaller companies are unable to comply with the listing requirements of formal exchanges or reconcile large fees required by the big industry players. In this scenario, OTC trading desks play a major role, enabling Peer-to-Peer (P2P) crypto trades thro Read this Term, brokers, traditional financial institutions, and digital asset managers. All market participants require a means to monitor, enforce, and report on their compliance efforts with whatever key management or wallet infrastructure approach they choose to adopt, the company explained.

“With Elliptic Curv’s actionable intelligence, clients can further determine their risk profile and preferences in real-time with each transaction, and can maintain control by programmatically setting risk parameters for their institution using Curv’s authorization layer,” Curv wrote in an email response.

Curv guarantees anonymity with its wallet platform, and even with the implementation of the new AML solution, it clarified that its partner Elliptic could not distinguish who the end customer is; it will only know it is a counterparty of a Curv customer.

Increasing demand for AML solutions in the crypto industry

Meanwhile, with the massive demand for compliance solutions in the crypto industry, Elliptic raised $28 million in its recent Series B funding round, receiving investments from Walls Fargo - totaling its total funding at $40 million.

Elliptic was also the previous data managing partner of Coinbase and now provides service to companies like Bitcoin Suisse.