Startup Elliptic is working towards making the crypto realm safer by allowing companies to deliver safe and trusted services in cryptocurrency. As reported by CNBC, Elliptic’s software is designed to detect criminal activity on the ledger of the blockchain technology of financial companies or institutions.
The firm sells blockchain analytic tools to large financial institutions and other cryptocurrency platforms. The analytical tools are used to monitor transactions made on Bitcoin’s digital ledger. Thus, it can detect any discrepancies leading to money laundering or any other criminal activity. This keeps a check on offenses such as child pornography, drugs, illicit trades and hacking which could potentially steal funds.
James Smith, Elliptic’s co-founder and CEO said:
“Because we are always on top of what’s about to happen, we can see when those funds start to move to exchanges. We were able to let our customers know that these funds were heading towards them, and they were able to stop them.”
Elliptic recently raised USD 23 million in a funding round led by Japan’s SBI Holdings. It said that it is looking forward to back various virtual asset dealers to identify and regulate cryptocurrency transactions. Libra, specifically is one digital currency the firm is looking to support.
As per one of its own reports, Al-Qassam Brigades, the extremist wing of Hamas and a group designated as a terrorist organization by many countries, was raising funds through a donation website, which generated a different digital wallet address for every person that donated. This made it difficult to track the flow of funds. Elliptic jumped in as a savior and helped to trace some of these addresses.
Elliptic’s boss giving his opinion on cryptocurrencies said, “it’s out of the box”. There has been significant adoption of cryptocurrencies, with even certain central banks such as china’s endorsing the idea. With such an increase in scale, it becomes incumbent that there exist certain regulations on cryptocurrency usage and companies like Elliptic are striving towards doing so.
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