Blockchain analysis company Elliptic receives $ 5 million investment from Wells Fargo

On February 13th, the blockchain analysis company Elliptic announced today that it has received a $ 5 million investment from Wells Fargo Bank to help it manage the risks associated with cryptocurrency transactions.

The London-based startup is known for its analytics tools, which it sells to some of the leading cryptocurrency exchanges (such as Binance and Circle) to help them find and block illegal cryptocurrency transactions.

Recently, this analysis company has been in frequent contact with financial institutions, and its Discovery platform can help banks identify whether customers' funds are illegal funds.

Elliptic co-founder and CEO James Smith said in an interview with CNBC:

"More and more financial institutions are realizing that they are close to cryptocurrencies even if they are not in contact with them. As a result, they face risks and have a responsibility to understand what the risks are and how to manage them. Banks You shouldn't bury your head in the sand and then pretend that the cryptocurrency doesn't exist, it will continue to exist, and whether you want to participate, some of your customers will be involved. "

elliptic

(Photo: James Smith, co-founder and CEO of Elliptic)

Elliptic Chief Scientist Tom Robinson added:

"At the moment, most banks cannot distinguish between compliant exchanges and transactions that pose a risk of money laundering or sanctions. Elliptic's Discovery solution can help them manage the risks and use our insights and data to identify those cryptocurrencies that can work together safely Exchange. "

It is reported that this new investment brings Elliptic's total round B financing to US $ 28 million. In September last year, the company has received US $ 23 million from the Japanese bank group SBI Holdings and the Spanish bank Santander. .

To date, Elliptic's total financing has reached $ 40 million.