Wells Fargo, SoftBank Invest Millions in Crypto Analytics Firm Elliptic

Share Article
In Brief
  • Elliptic crypto analytics and risk calculation firm scores $60 million in investments.

  • Supporters include Wells Fargo Strategic Capital and SoftBank.

  • Blockchain analytics and compliance are hot industry topics for investors and developers.

  • promo

    Bybit Launchpool: Stake BIT to Earn BIT. Redeemable Anytime. Join Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Crypto analytics and illicit activity tracker Elliptic raised over $60 million in their latest Series-C funding round. 

Sponsored



Sponsored

Elliptic’s latest funding round included big name investors such as Wells Fargo Strategic Capital, SoftBank, and Evolution. The firm also attracted some of Europe’s biggest tech investors Octopus and AlbionVC. 

These funds will go towards scalability of research and development for the Elliptic platform and team expansion. In addition, the company plans a global expansion to offer services in more regions, according to a blog post

Sponsored



Sponsored

Currently, the company works through “a range of techniques, from machine learning to infiltration of darknet marketplaces, we have built the ‘identity layer’ for blockchains.” Elliptic logs  signals, entities, and events and converts findings into data for risk insight for transactions, wallets and large institutions. 

Investors in Elliptic, such as SoftBank can be seen with investments in other major crypto and blockchain centric companies. These include Bullish crypto exchange and Sorare

As the industry becomes more mainstream with adoption from major global enterprises, so does blockchain security and regulation compliance. Elliptic’s recent investments demonstrate increased attention to such subjects from an institutional level, via some of the world’s most attentive investors. 

Recently, Coinbase struck a deal with Homeland Security for licensing of their Coinbase analytics. In a similar vein, Coinbase Analytics connects cryptocurrency transactions to “real-world entities” for investigations on fraudulent blockchain activity. Such developments point at only big league interest, but a similarly large need. 

Illicit industry activity 

The crypto industry is under increasing scrutiny as global regulators mull over regulations. In doing so, prosecutors are cracking down on  fraud and illegal offerings in the space. 

Moreover in the UK, a group of legal professionals formed the first ever “Crypto Fraud and Asset Recovery” group. This group of experts intends for the development  and sharing of  best practices to deal with fraud and recovery disputes. Only a day later, the UK’s Financial Conduct Authority warned in-country social platforms about “fraudulent crypto ads”. 

 Dubai police’s “Virtual Asset Crime Section” plans cooperation  with crypto exchange BitOasis for the development of regulations for digital assets. This comes in a fraud reduction effort after a number of P2P platforms were the target of crypto  scams.

Additionally, regulators in the U.S. are vehemently cracking down on crypto companies. Last month crypto platform Kraken received a $1.25 million fine from the U.S. Commodity Futures Trading Commission. According to officials the exchange participated in illegal offerings within the U.S. 

As the crypto industry continues its expansion into mainstream spaces, there will be an increase in opportunities for fraudulent activities. From major regulators to everyday investors the urgency crypto security is a growing priority.  

What do you think about this subject? Write to us and tell us!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Savannah Fortis is a multimedia journalist covering stories at the intersection culture, international relations, and technology. Through her travels she was introduced to the crypto-community back in 2017 and has been interacting with the space since.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

The BIT Time Rush. 8M BIT to Be Won. Three Innings; Massive Winnings.

Join Now!