Softbank bets on crypto analytics firm Elliptic in a $ 60 million funding round

File Photo: The SoftBank Corp. logo was taken at a press conference held in Tokyo on February 4, 2021. REUTERS / Kim Kyung-Hoon

October 11, 2021

Tom Wilson

London (Reuters) – Cryptocurrency researcher Elliptic has raised $ 60 million from investors such as SoftBank and Wells Fargo’s venture capital division, startups said Monday.

Blockchain analytics companies are in high demand and scrutinizing regulations for compliant sectors as large investors are enthusiastic about cryptocurrencies and other digital assets https://www.reuters. com / technology / decentralized-finance-latest-front-cryptos -Hack-Problem-2021-08-16 Headaches from hacking to illegal use of digital tokens.

Last month, Mastercard purchased US researcher CipherTrace for a private amount to help companies address the risks and compliance of the fast-growing crypto sector.

And in June, US blockchain data platform Chainalysis announced that it had raised $ 100 million at a valuation of $ 4.2 billion with the aim of expanding the scope of crypto assets.

London-based Elliptic said the Series C round was led by Evolution Equity and was first invested by SoftBank Vision Fund 2 and Wells Fargo Strategic Capital. Elliptic said in a statement that other investors include the Japanese SBI Group.

SoftBank’s investment was the latest in crypto space. Blockchain $ 680 Million Funding Round Last Month The base fantasy soccer game Sorare, which led 09-21, also led the $ 155 million round of blockchain company Blockdaemon.

In July, the Japanese conglomerate went to one of the largest cryptocurrencies, Mercado Bitcoin https: // Also invested $ 200 million. Exchange in Latin America.

“What we’re doing is really fundamental to the growth and mainstream adoption of the crypto ecosystem,” Elliptic CEO Simone Maini told Reuters.

“Without very robust basic insights and tools to help facilitate financial crime, protection and risk management, it is very difficult for these companies to embrace this opportunity.”

Founded in 2013, Elliptic tracks the movement of cryptocurrencies on the blockchain. This is the technology that underpins them and helps them comply with financial crimes.

The company said it is investing in a global network and team and plans to continue research and development.

Elliptic’s clients include traditional financial companies, fintechs, cryptocurrency companies, and government agencies. Two-thirds of the world’s cryptocurrencies pass through exchanges that use the company’s software, he said.

(Report by Tom Wilson, edited by Mark Potter)

Softbank bets on crypto analytics firm Elliptic in a $ 60 million funding round

Source link Softbank bets on crypto analytics firm Elliptic in a $ 60 million funding round

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