Wells Fargo joins series B of blockchain analyst Elliptic

Elliptic, a company that develops monitoring solutions for blockchains as Bitcoin and Ethereum, just got up $ 5 million additional.

When extending its Series B financing round, Elliptic collected $ 5 million with the american financial group Wells fargo, bringing the total funds raised by the startup to $ 40 million.

Wells fargo joins other financial giants like Japanese SBI Group and the british Santander InnoVentures, who already support Elliptic since last year.

Spot blockchain fraud like Bitcoin

Technology Elliptic assists companies specializing in cryptocurrency, including crypto-scholarships like Binance, to spot and neutralize suspicious activity related to money laundering, terrorist financing, fraud and other forms of financial crime.

His latest product Elliptic Discovery allows financial institutions analyze incoming and outgoing cryptocurrency flows and thus better assess the risks.

More and more banks are realizing that even if they don't touch the crypto, they are indirectly exposed and have the responsibility to understand what is the risk and how to deal with it, "said Elliptic CEO and co-founder James Smith on CNBC.

In a press release, Smith said partnerships with investors will strengthen his company's ability to "work with banks around the world".

Instead of leaving financial institutions in the dark when it comes to digital assets, our goal is toanalyze any activity and allow them to manage risks," he added.

In autumn, Elliptic announced that its analytics solution now supports blockchain transactions XRP of Ripple.