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Crypto-forensics firm Elliptic raises $23 million in fundraising; plans to track Facebook’s Libra

Biraajmaan Tamuly

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Elliptic, London-based crypto forensics firm, plans to track Facebook's Libra with latest funding
Source: Pixabay

Elliptic, a blockchain analytics firm, has steered the attention of the crypto-community after it raised $23 million for tracking cryptocurrencies. By delivering these tracking services, the firm claims to empower financial institutions by helping them distribute and deliver trusted services across the cryptoverse.

With Asia emerging as the epicenter of blockchain and cryptocurrency development, Elliptic plans to expand its offerings in Asia. Following this, the firm will be opening its offices in Singapore and Japan to boost the development of new products for supporting customers to track Facebook’s Libra.

Presently, Elliptic’s suite of services is utilized by a significant number of crypto-firms at the global level for effectively dealing with the question of financial crimes and risk, associated with the crypto-related resources. These firms depend on Elliptic for screening crypto-transactions in order to prevent tax evasion, terrorism funding and other digital asset-related violations.

As Facebook’s cryptocurrency continues to make headlines for all the wrong reasons since its inception, tracking its activities will be an added advantage for the crypto-market. Further, the firm is set to introduce trackers for the digital currencies that will be issued by central banks later. This news was announced over Elliptic’s official twitter handle, the tweet reading,

“@elliptic is thrilled to announce our $23 million #SeriesB led by @SBIGroup. Big thanks to our customers and partners who helped get us here today! #Crypto assets are the future of #finance.”

The firm’s association with SBI Group is fundamental as it can build a budgetary foundation that can be utilized for Elliptic’s bank-grade risk data. This can be used for capitalizing on crypto-opportunities in the offing. Elliptic’s extension is in line with global sanctions that have started gaining momentum. These services will emerge to be more important, especially as the Financial Action Task Force [FATF] continues to carve out a regulatory framework for cryptocurrencies.

Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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