Cryptocurrency risk management firm Elliptic has announced a $60 million Series C funding round led by Evolution Equity Partners and supported by a panoply of venture capital firms including SoftBank Vision Fund 2, as well as existing investors AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital and SBI Group, amongst others.
Elliptic's history of funding charts a consistent increase, with their debut funding raise in 2016 totaling $5 million, while their second raise across late 2019 to early 2020 resulted in an additional $28 million.
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Founded in 2013 and headquartered in London, Elliptic captures analytical data from the blockchain sector to provide anti-money laundering and compliance services to fintech institutions, governmental and legislative groups, and crypto organizations from financial crime, in addition to enhancing their resilience to risk.
According to the company’s announcement, two-thirds of all cryptocurrency volume traded worldwide occurs on exchanges that utilize Elliptic’s risk management and analytical data solutions. In addition, the firm boasts of having attained 20 billion data points across a span of 98% of the sector’s assets by market capitalization.
Simone Maini, CEO of Elliptic, spoke on the importance of safety in accessing crypto assets, and also added:
“This fundraising round is an endorsement of the opportunity for crypto assets in the financial industry — and our absolutely critical role in the ecosystem.”
In June 2020,Elliptic was recognized by the World Economic Forum as one of 100 early to growth-stage projects at the cutting-edge of technological innovation. The firm was designated into the Blockchain and Distributed Ledger Technologies category, alongside notable industry figures Chainlink and MakerDAO as well as Lighting Labs, Ripio and Veridium Labs.
Related: With US regulators handing out $2.5B in fines since 2014, crypto is not the 'wild west' of finance
Founder of Evolution Equity Partners, Richard Seewald commented on the potential impact that the funding raise could have on Elliptic’s enterprise ambitions:
“The latest fundraise provides Elliptic more resources to expand their market-leading crypto asset risk management to financial organizations, businesses and regulatory authorities around the world.”Keep reading on Cointelegraph
