Aiming to Expand in Asia, Elliptic Escalates $23M to Reduce Crypto-currency
Recently, London-based blockchain analysis provider Elliptic announced its plans to raise $23 million funds in a round organised by Japan-based financial institution SBI Holdings. Apart from SBI, active participation from venture firm AlbionVC and other existing investors such as SignalFire, Santander Innoventures and Octopus Ventures, was also seen.
The main motive behind this expansion is to further the reach of the startup in the Asian market.
Earlier, SBI was well known because of its associations with the blockchain companies like Ripple, R3 and many more. Besides SBI, which is an independently operating entity of SoftBank, Spanish bank is also investing in Elliptic.
Back in 2013, when Elliptic initiated its operations, the company managed to garner more than $12m as funding from rounds in five seed and Series A. During the final round led by SignalFire in December, the firm raised $5 million.
In order to expand in Asia, Elliptic is planning to open offices across Singapore and Japan. According to Smith, CEO and co-founder of Elliptic, Japan was chosen as the nation that has demonstrated more progress in the field than any other, with the prime financial institutions investigating ways of making cryptocurrency offerings to the customers.
James Smith told The Block that the firm chose the two countries over other Asian countries because of its “vibrant” cryptocurrency ecosystem and “clear” regulatory framework.
In 2013, Elliptic came in the industry with an aim to stop illicit cryptocurrency. It started giving forensic and investigative services to detect and prevent cryptocurrency-enabled crimes. It also made anti-money laundering (AML) compliance software.
More than 100 cryptocurrency businesses and financial institutions are currently using Elliptic solutions to solve transactions worth billions of dollars daily. The solutions provided by Elliptic help businesses analyse illicit activities like terrorist financing, money laundering and sanctions evasion.
The representative director president and CEO of SBI Holdings, Yoshitaka Kitao expressed her pessimistic outlook with regard to their association. She said, “We are seeing a growing demand for [Elliptic’s] services across our portfolio of crypto-assets related companies.” Sharing the same views, Elliptic claims that by partnering with SBI, it will be able to “double down” on its mission to “enable the crypto industry to grow and take shape.
Smith said because Elliptic is always on to find out what’s about to happen, we can see when those funds start to over exchanges. He added, “We were able to let our customers know that these funds were heading towards them, and they were able to stop them.”
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