Elliptic Blockchain Raises $ 23 Million to Expand Business in Asia

Elliptic, a UK-based analytical blockchain company that helps cryptocurrency firms and financial institutions comply with AML requirements, raised $ 23 million in the B-series financing round.

It is reported that the round of financing was led by the Japanese financial services giant SBI Holdings with the participation of venture company AlbionVC and investors SignalFire, Octopus Ventures and Santander Innoventures.

According to Crunchbase, the company previously raised $ 12 million. Thus, with recent investments, the company’s total funding reached $ 35 million. Elliptic said it will use the funds to expand in Asia, opening new offices in Japan and Singapore.

According to Elliptic co-founder and CEO James Smith, the firm chose these two countries because of their “live” cryptocurrency ecosystem and a clear regulatory framework. In addition, the new offices will become the base for customer service in the Asia-Pacific region.

Elliptic said its Asian client income has grown 11-fold over the past two years. The company also plans to continue developing solutions to support new cryptocurrencies such as Libra and state cryptocurrencies.

“We believe that corporations and governments will increasingly strive to release their own crypto assets, and we will support them on our platform,” Smith said, noting that the company does not plan to raise more funds in the near future, as the last round gave it “ an excellent foundation for the next growth phase. ”

According to Elliptic, more than 100 cryptocurrency companies and financial institutions around the world use its solutions to track billions of dollars of transactions on a daily basis and analyze their relationship to illegal activities.

Recently, Elliptic, in collaboration with the Massachusetts Institute of Technology (MIT), investigated more than 200,000 transactions in the Bitcoin network for their connection with criminal activity. The companies concluded that only 2% of transactions in the Bitcoin network are related to illegal activities.