Crypto-asset risk management solutions provider Elliptic is looking to expand further across the world thanks to new backing from Wells Fargo Strategic Capital, the specialised capital provider.
The backing of Wells Fargo Strategic Capital brings the total amount raised in the round to over $28m, up from the $23m announced in September.
Wells Fargo Strategic Capital joins a distinguished group of existing investors, including Tokyo-based SBI Group and Santander InnoVentures.
The new funds will be used to fuel Elliptic’s Asian expansion and to hire the resources needed to accelerate the roll out of a new risk management solution for financial institutions, called Elliptic Discovery.
The new tool can help banks compliance teams by giving them insights to identify any flow of funds into and out of cryptoassets and to better assess the risk that they pose. The new solution offers detailed transaction profiles of over two hundred global crypto exchanges, which enables financial institutions to better manage risk and meet stringent regulatory requirements.
“We are proud to announce Wells Fargo’s investment in Elliptic,” said James Smith, CEO of Elliptic. “The partnership with our bank investors will further enhance our ability to better understand and work closely with financial institutions around the world to provide them with greater visibility into the cryptoasset ecosystem. Instead of leaving financial institutions in the dark regarding transactions in the emerging cryptoasset class, our aim is that Elliptic, working with financial institutions, will shine a light on any cryptoasset-linked transaction activity and enable them to manage risk accordingly.”
Basil Darwish, managing director, Wells Fargo Strategic Capital, added, ”We are pleased to participate in Elliptic’s Series B financing round and to support their mission of developing innovative risk management solutions. Since its inception in 2013, Elliptic has been a pioneer in developing a distinctive array of data sets and transaction monitoring tools. We are excited to invest in Elliptic and to help them execute the next phase of their business plan.”
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