Cryptocurrency risk management firm Elliptic has announced a $60 million Series C funding round led by Evolution Equity Partners with support from a number of venture capital firms, including SoftBank Vision Fund 2, in addition to existing investors AlbionVC, Digital Currency Group and Wells Fargo. Strategic Capital, SBI Group, and others.
Elliptic’s funding history has shown steady growth, with the first funding increasing in 2016 of $5 million, and a second increase at the end of 2019/early 2020 raising another $28 million.
Founded in 2013, and headquartered in London, Elliptic brings together analytics data from the blockchain sector to provide anti-money laundering and compliance services to financial technology institutions, government and regulatory groups, and financial crypto organizations. In addition to making it more resistant to risks.
According to the company, two-thirds of all cryptocurrency trading globally takes place on exchanges that use Elliptic’s risk management and data analytics solutions. In addition, the company owns 20 billion data points across 98% of the sector’s assets at market capitalization.
Simone Maini, CEO of Elliptic, spoke about the importance of security in accessing crypto activities, adding:
“This round of fundraising is a testament to the use of cryptocurrencies in the financial industry and our vital role in the ecosystem.”
In June 2020, Elliptic was recognized by the World Economic Forum as one of 100 early-stage projects using groundbreaking technological innovations. The company is included in the blockchain and public ledger technology distribution category along with well-known industry figures like Chainlink and MakerDAO, as well as Lighting Labs, Ripio and Veridium Labs.
On the subject: US regulators have paid $2.5 billion in fines since 2014, so crypto isn’t the Wild West of finance.
Richard Sewald, founder of Evolution Equity Partners, commented on the potential impact of increased funding on Elliptic’s ambitions:
“Elliptic’s latest fundraising program provides more resources to extend market-leading crypto risk management to financial institutions, corporations, and regulators around the world.”