LONDON: Cryptocurrency researcher Elliptic has raised $ 60 million from investors including SoftBank and the venture capital arm of Wells Fargo, the startup said on Monday, as more mainstream investors bet on the blockchain analytics industry.
With larger investors turning to crypto and other digital assets, blockchain analytics companies are in high demand, with growing regulatory oversight over an industry laden with compliance https://www.reuters.com / technology / decentralised-finance-latest-front-cryptos -hacking-problem-2021-08-16 headaches ranging from hacking to illegal use of digital tokens.
Last month, Mastercard purchased https://www.mastercard.com/news/press/2021/september/mastercard-acquires-ciphertrace-to-enhance-crypto-capabilities US researcher CipherTrace for an undisclosed sum, to help businesses to harness risk and compliance in the growing crypto industry.
And in June, US blockchain data platform Chainalysis said it had raised US $ 100 million at a valuation of US $ 4.2 billion, with the aim of expanding its coverage of crypto assets.
London-based Elliptic said the Series C round was led by Evolution Equity, with SoftBank Vision Fund 2 and Wells Fargo Strategic Capital investing for the first time. Other new investors include Japanese group SBI, Elliptic said in a statement, without disclosing its valuation.
SoftBank’s investment was its last in the crypto space. Last month he led a US $ 680 million fundraiser https://www.reuters.com/technology/softbank-leads-680-million-funding-round-nft-fantasy-soccer-game-sorare -2021-09-21 by Sorare, a blockchain-based fantasy soccer game, and also led a $ 155 million round for blockchain company Blockdaemon https://www.businesswire.com/news/home/ 20210921006036 / en / Blockdaemon-Raises-155-Million-In-Series- B-Funding-Making-it-the-WorldpourcentE2pourcent80pourcent99s-Largest-Blockchain-Node-Infrastructure-Company.
“What we do is really fundamental to the growth of the crypto ecosystem and mainstream adoption,” Simone Maini, CEO of Elliptic, told Reuters.
“Without basic knowledge and really solid tools that can help facilitate financial crime, protection and risk management, it is really difficult for these companies to seize this opportunity. ”
Elliptic, established in 2013, follows the movement of cryptocurrencies on the blockchain – the technology behind them – to help with financial crime compliance.
He plans to invest in his global network and team, as well as continue research and development, he said.
Elliptic’s customers include traditional financial firms, financial technology and crypto companies, as well as government agencies. Two-thirds of the world’s crypto volume goes through exchanges that use the company’s software, he said.
(Reporting by Tom Wilson; Editing by Mark Potter)