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Elliptic Raises $60M In Series C Funding To Boost Crypto Adoption

John Wanguba by John Wanguba
October 13, 2021
in Crypto news
Reading Time: 4min read
Elliptic Raises $60M In Series C Funding To Boost Crypto Adoption
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Elliptic, a London-based blockchain analytics firm, has successfully secured $60 million in a Series C funding round to enhance cryptocurrency adoption via global financial markets.

In an October 11, 2021 announcement, the London-based blockchain firm confirmed the successful completion of its Series C funding round led by Japanese investment manager Softbank and American multinational Wells Fargo.

Elliptic also confirms ready plans to expand its operations overseas and embrace investments for its global networks:

 “At Elliptic, we help financial institutions, from crypto exchanges to the world’s leading banks, embrace crypto assets more safely. This fundraising round is an endorsement of the opportunity for crypto assets in the financial industry – and our absolutely critical role in the ecosystem.”

The funding initiative saw the participation of the Japanese investment firm Softbank, which bet funds from its Vision Fund 2 that has already sponsored billion-dollar startups. Other participants to the funding included Wells Fargo, SBI Group, Digital Currency Group, AlbionVC, Paladin Capital Group, Octopus Ventures, and Evolution Equity Partners.

Elliptic successfully secured $28 million in the Series B funding round, which ran between 2019 and 2020. With its new funds, the analytics firm intends to expand its global team of experts, particularly in the United States:

“We’ve already grown, as a team, by nearly 50% this year and will use this investment to grow even faster. By the end of 2022, we will grow to more than 200 Elliptites globally.”

Elliptic Bullish On Offering On-Chain Security

Lately, the number of large institutions indulging in cryptocurrency is on the rise. Consequently, the demand for a secure and safe ecosystem is also high. In that context, this is the reason why payment giants such as MasterCard onboarded CipherTrace, a renowned blockchain intelligence company, to seek safe harbor for anti-money laundering and fraud protection solutions.

In this case, Elliptic aims to become the leading choice for institutional investors seeking blockchain analysis and data security solutions. However, the overwhelming security demand is partly due to the increasing regulatory pressure on digital assets to comply with existing anti-fraudulent laws worldwide.

Elliptic is one of the largest crypto and blockchain analytics firms that provide different techniques and tools to deter illicit crypto activities. The company also offers mapping of real-world signals to pseudonymous entities and events. Moreover, it facilitates risk insights for both digital assets and traditional financial companies.

The analytics firm also helps to discover malicious software and tools provided by darknet participants. Interestingly, the firm has partnered with other On-Chain security stakeholders to identify Antinalysis, an online tool that allowed merchants to launder Bitcoin in the darknet marketplace.

With more security and regulatory measures coming into place, the crypto market is maturing, in turn, attracting more institutional investors.

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Tags: Bitcoinblockchain analyticsCipherTraceCrypto adoptioncrypto fundingCrypto marketEllipticinstitutional adoptionSoftBank

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