Blockchain Analytic Firm Elliptic Raises $23 Million in Funding

 

 

 

 

 

London-based blockchain analytics company Elliptic has reportedly raised $23 million in funding, CNBC reports. On Wednesday, the company announced that it would use the funds to further expand into the Asian market and add support for new digital currencies like the Line Corporation’s Link, Facebook’s Libra, and central bank digital currencies.

The funding round was led by Japanese financial services firm SBI Holdings, which has previously partnered with R3 and Ripple.

Elliptic’s blockchain analytics tools are currently used by some banks and large cryptocurrency platforms and provide a way to monitor transactions on the bitcoin blockchain to identify money laundering and terror financing, as well as hacking attacks, drug sales, and child pornography. For example:

The company recently learned that the Al-Qassam Brigades, the military wing of Hamas, used a donation website that generated a different bitcoin wallet address for each person that visited. That made it harder to track the funds and see where they were sent. The group has been designated as a terrorist organization by Israel, the U.S. and the EU.

 

“Because we are always on top of what’s about to happen, we can see when those funds start to move to exchanges,” Elliptic’s co-founder and CEO James Smith told CNBC in a phone interview. “We were able to let our customers know that these funds were heading towards them, and they were able to stop them.”

 

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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