Copy link
Increase text size
Decrease text size
Link copied

Wells Fargo invests $5M in crypto monitoring firm Elliptic

Image by Mike Mozart from Flickr

Fri, 14 Feb 2020, 09:24 am UTC

Financial services giant Wells Fargo has invested $5 million in cryptocurrency surveillance technology firm, Elliptic.

According to a press release, Wells Fargo Strategic Capital has joined Elliptic’s Series B funding round, bringing the amount raised to over $28 million to date. It joins existing investors including SBI Group and Santander InnoVentures.

"We are pleased to participate in Elliptic's Series B financing round and to support their mission of developing innovative risk management solutions," said Basil Darwish, managing director, Wells Fargo Strategic Capital.

Founded in 2013, London-based Elliptic helps identify illicit activities and provides actionable intelligence to cryptocurrency exchanges, brokers, banks and other financial institutions.

"The partnership with our bank investors will further enhance our ability to better understand and work closely with financial institutions around the world to provide them with greater visibility into the crypto asset ecosystem,” said James Smith, CEO at Elliptic.

“Instead of leaving financial institutions in the dark regarding transactions in the emerging crypto asset class, our aim is that Elliptic, working with financial institutions, will shine a light on any crypto asset-linked transaction activity and enable them to manage risk accordingly.”

Elliptic plans to use the funding to hire the resources needed to accelerate the roll-out of a new risk management solution for financial institutions, called Elliptic Discovery.

Purpose-built for banks, the solution has been designed to help financial institutions understand their exposure to crypto-assets, identify customers whose crypto-asset activities are susceptible to money laundering or sanctions risks, and assess the risk profiles and Know Your Customer (KYC) procedures of different crypto-asset exchanges, helping them work more closely with these businesses.

Meanwhile, Wells Fargo announced back in September that it would be launching its own internal digital currency, called Wells Fargo Digital Cash, on its own first distributed ledger technology (DLT) platform. The digital currency is only intended to be used as an internal settlement service.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,774.96 (-2.09%)
  • Ethereum (ETH) $249.55 (-8.05%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $385.59 (-14.19%)
  • Bitcoin SV (BSV) $271.48 (-14.27%)
  • Bitcoin (BTC) $9,774.96 (-2.09%)
Feb 17, 2020 (Monday)
05:14
Blockchain social media platform Steemit to migrate to TRON network
Feb 14, 2020 (Friday)
13:11
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:11
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:24
Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform
11:48
Blockchain insurance startup B3i completes 30 reinsurance contracts on its platform
11:47
Crypto Technicals: TRON (TRX) confirms 'Golden Cross' on the daily charts, eyes 61.8% Fib at 0.0297
11:04
Crypto investment firm Galaxy Digital lays off 15% of its workforce
10:18
Circle now seeks to sell off crowdfunding unit SeedInvest: Report
09:47
SBI Crypto enters into blockchain cooperation partnership with Northern Data
09:25
Wells Fargo invests $5M in crypto monitoring firm Elliptic
09:01
Crypto Technicals: XRP/USD pauses at 0.34 handle, consolidation likely before next leg higher
07:37
Election Commission of India looks to blockchain to tackle lost votes
06:26
Crypto Technicals: 'Spinning Top' dents upside in ETH/USD, technical bias remains bullish
06:20
Crypto lending startup BlockFi secures $30M in Series B financing
05:20
Crypto Technicals: BTC/USD holds above 10,000 mark, trades rangebound at 5-DMA support
04:53
IOTA Foundation investigates fund theft in Trinity wallet
Feb 13, 2020 (Thursday)
12:20
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:19
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:19
U.S. Treasury Department’s FinCEN working on new crypto regulations
11:47
Defense contractor BAE Systems is hiring ‘cryptocurrency exploiters’
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft