London-based Elliptic, which works in blockchain analytics and cryptocurrency compliance solutions, has generated $60 million in Series C funding, according to a Tuesday (Oct. 12) report from UK Tech News. Led by Evolution Equity Partners, as well as a new contribution from SoftBank Vision Fund 2, the round also features funds from current investors AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire and Paladin Capital Group.
The most recent funds will be used to advance the company’s research and development, with a goal of staying ahead of customers’ needs while maintaining crypto risk identification capabilities, according to Elliptic’s website. In addition, funds will be used to grow Elliptic’s staff. The company, which increased its staff by nearly 50% in 2021, anticipates employing more than 200 workers worldwide by the end of 2022, according to the website.
Related: Elliptic, Prime Trust Team on Business Crypto Transaction Security
Tuesday’s announcement comes on the heels of a recent partnership between Elliptic and financial infrastructure provider Prime Trust to improve Prime Trust’s handling of crypto.
Elliptic’s Navigator product will look at cryptoasset transactions for anti-money laundering or sanctions risk, and its Lens product will screen crypto wallets for issues. Its Forensics product will oversee investigations into crypto wallet activities.
These services stem from the need for retail investors and businesses to have more risk management, compliance and analytics to undertake above-board transactions with crypto, prevent illicit use and operate well under strict financial industry standards.
Founded in 2013, Elliptic offers various crypto-related services to its more than 100 customers in 29 countries, including crypto wallet screening, crypto transaction monitoring, virtual asset service providers screening and crypto investigations, according to its website. Elliptic helps companies manage risks across more than 100 crypto assets, according to the website.
See also: Crypto’s Troubling Rise And Role In Growing Ransomware Attacks
In June, Elliptic identified the bitcoin wallet that had been used by the DarkSide criminal group that received 57 ransomware payments totaling $4.4 million.
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