SoftBank bets on crypto analytics firm Elliptic in $60 million funding round

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FILE PHOTO: The SoftBank Corp logo is taken at a press conference in Tokyo on February 4, 2021. Reuters / Kim Kyung-hoon

11 October 2021

tom wilson

LONDON (Reuters) – Cryptocurrency researcher Elliptic has raised $60 million from investors such as SoftBank and Wells Fargo’s venture capital division, the startups said on Monday.

Blockchain analytics companies are in high demand and scrutinizing regulations for compliance areas as big investors get excited about cryptocurrency and other digital assets https://www.reuters. com / technology / decentralized-finance-latest-front-crypto-hack-problem-2021-08-16 Headache ranging from hacking to illegal use of digital tokens.

Last month, Mastercard bought US researcher CipherTrace for a private sum to help companies address the risks and compliance of the fast-growing crypto sector.

And in June, US blockchain data platform Chainalysis announced that it had raised $100 million at a valuation of $4.2 billion, with the aim of expanding the scope of crypto assets.

London-based Elliptic said the Series C round was led by Evolution Equity and was previously invested by SoftBank Vision Fund 2 and Wells Fargo Strategic Capital. Elliptic said in a statement that other investors included the Japanese SBI Group.

SoftBank’s investment was the latest in the crypto sector. Last month’s Blockchain $680 million funding round, which it led 09-21, also led blockchain company Blockdaemon’s $155 million round.

In July, the Japanese conglomerate moved to one of the largest cryptocurrencies, Mercado Bitcoin https://www.reuters.com/technology/softbank-invests-200-mln-latam-cryptocurrency-exchange-2021-07-01. Also invested $200 million. Exchange in Latin America.

“What we are doing is really fundamental to the growth and mainstream adoption of the crypto ecosystem,” Elliptic CEO Simon Maini told Reuters.

“Without very strong fundamental insights and tools to help facilitate financial crime, security and risk management, it is very difficult for these companies to accept this opportunity.”

Founded in 2013, Elliptic tracks the movement of cryptocurrencies on the blockchain. It is this technology that supports them and helps them to follow up on financial crimes.

The company said it is investing in a global network and team and plans to continue research and development.

Elliptic’s clients include traditional financial companies, fintechs, cryptocurrency companies, and government agencies. He said that two-thirds of the world’s cryptocurrencies pass through exchanges using the company’s software.

(Reporting by Tom Wilson, edited by Mark Potter)

Source Link SoftBank bets on crypto analytics firm Elliptic in $60 million funding round

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