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Elliptic said that it will use these funds for scalability, research, and platform development. It plans to increase its US team by 50% and make global expansion.
On Monday, October 11, crypto analytics firm Elliptic secured major funding and announced $60 million fundraising through the Series C. Cybersecurity-focused venture capital firm Evolution Equity Partners led the funding round. The recent funding also comes through the participation of some of the biggest financial giants.
This includes names like Wells Fargo, Softbank, Evolution, and Strategic Capital. Besides, some of Europe’s biggest tech investors AlbionVC and Octopus also participated.
The recent funding comes as blockchain analytics firms have been gaining solid traction amid high market demand. By securing this new funding, Elliptic plans to further expand its team, particularly in the U.S. Currently, elliptic employs 100 people and plans to increase to 150 by the end of 2021. Besides, the company is also planning for global expansion.
With the latest Series C funding, Elliptic’s total funding stands at $88 million to date. In the previous two fundings, Elliptic raised $28 million in total. Apart from team expansion, Elliptic will use these funds towards scalability, research, and platform development. Speaking of the development, Elliptic CEO Simone Maini told Reuters:
“What we’re doing is just really fundamental to the growth of the crypto ecosystem and mainstream adoption. Without really robust basic insights and tooling that can help facilitate financial crime, protection and risk management, it’s really hard for these businesses to be able to embrace the opportunity.”
The Growth of Elliptic
Founded in 2013, Elliptic specializes in identifying the movements taking place in the crypto and blockchain space. It specializes in pinning financial crimes and compliance in the crypto sector. Explaining its work further, Elliptic noted:
“Through a range of techniques, from machine learning to infiltration of darknet marketplaces, we have built the ‘identity layer’ for blockchains. We map real-world signals to pseudonymous entities and events. Then we turn it all into risk insights for transactions, wallets and institutions — which our clients use to make crypto safer”.
Furthermore, Elliptic is looking at a bright future ahead. As the global adoption of blockchain and cryptocurrencies continues, so will the global demand for security and regulatory compliance. Furthermore, Elliptic is also quite focusing on this subject amid higher institutional crypto market participation.
Elliptic is currently competing with giants like Chainalysis having similar operations in the crypto space. While Chainalysis valuations stand at $4.2 billion, Elliptic declined to comment on the matter. Crypto exchange Coinbase is also making with move in the crypto and blockchain analytics game. It recently struck a deal with Homeland Security for licensing the Coinbase analytics.