Elliptic, a cryptocurrency risk management company, announced an investment coming from JP Morgan on Thursday, which is part of its $60 million Series C funding round.
According to the press release, the funding round is being led by Evolution Equity Partners, including SoftBank Vision Fund 2, AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures SignalFire and Paladin Capital Group.
The company noted that Elliptic’s global expansion will accelerate as a result of this investment, and financial services market institutions will feel more confident about embracing the crypto opportunity. “Elliptic serves traditional financial institutions, fintechs, crypto businesses and government agencies with a leading suite of compliance and investigative solutions built specifically for cryptoassets,” the firm commented.
“As an asset class, crypto has grown by more than 10x over the last five years and is now worth more than $1 trillion. A potential further 10x of growth lies ahead, and will be driven by businesses keen to shape the future of finance. We are focused on enabling the opportunity to help organizations unlock the true value of crypto. As more established financial institutions move into the sector, these companies need to understand when they can let transactions run, and when they should intervene. Stopping financial crime is not just a regulatory requirement, but an ethical one, and a safe ecosystem is a healthy ecosystem,” Simone Maini, the CEO of Elliptic, pointed out.
Elliptic’s Partnership with ComplyAdvantage
Last year, Elliptic and ComplyAdvantage announced a partnership for blockchain analysis and transaction monitoring. Both companies aim to make the process of financial crime detection efficient. The transaction monitoring and blockchain analysis tool will facilitate cryptocurrency firms around the world in the detection and prevention of financial crime. The new solution is powered by Elliptic Navigator, the company’s crypto AML monitoring platform. ComplyAdvantage is one of the world’s leading data technology firms transforming financial crime detection.
