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Blockchain platform Zilliqa partners with Elliptic to enhance security and AML compliance

Image: Zilliqa (Twitter)

Wed, 27 Nov 2019, 09:53 am UTC

Blockchain platform Zilliqa is teaming up with crypto risk management solutions provider Elliptic in order to boost its infrastructure security and compliance.

Under the partnership, Zilliqa will leverage Elliptic’s comprehensive suite of risk management and Anti-Money Laundering (AML) compliance tools to mitigate exposure to fraudulent financial activities across the platform and for tokens built on it. The collaboration will help detect, prevent and investigate possible criminal activity on the Zilliqa platform.

According to a press release, Elliptic will provide ongoing actionable risk intelligence for Zilliqa’s token, ZIL, and StraitsX, a Zilliqa-powered stablecoin initiative recently launched by Xfers which will initially see the creation of XSGD, a token fully backed and pegged 1:1 to the Singapore Dollar.

Amrit Kumar, President at Zilliqa, said that Elliptic was “the clear partner of choice” for Zilliqa that is striving to distinguish itself as “a trusted, secure platform.”

“While the promise of the digital economy is a truly exciting one, it is also imperative that established standards around security and compliance remain uncompromised. Inherent vulnerabilities present in the crypto industry can often lead to exploitation by wayward players, particularly in delicate financial sectors,” he added.

Elliptic’s blockchain transaction monitoring service will help verify the legitimacy of transactions occurring on the Zilliqa blockchain. It will identify and help block potential transactions linked to illicit actors as well as red-flag wallet addresses with illegal and suspect motivations.

“At Elliptic, we are working to enable an open, decentralised financial system, which will increase choice and drive down costs for consumers, and our partnership with Zilliqa illustrates this commitment,” James Smith, CEO & Co-Founder of Elliptic said. “Companies are now in the driver's seat when it comes to critical issues of trust and transparency, and we’re excited to be onboard with Zilliqa as we champion compliance in a fast-changing industry.”

Founded in 2013, London-based Elliptic helps identify illicit activities and provides actionable intelligence to cryptocurrency exchanges, brokers, banks and other financial institutions. It claims to have assessed risks for transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud and other financial crimes.

Just recently, the analytics firm secured $23 million in a Series B funding, spearheaded by Japanese financial powerhouse SBI Holdings.

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