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NEAR Foundation Collaborates with Elliptic for On-Chain Security Enhancement

UTC by Oluwapelumi Adejumo · 3 min read
NEAR Foundation Collaborates with Elliptic for On-Chain Security Enhancement
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Other than security, there are many privileges that NEAR users are bound to enjoy with the new partnership.

The NEAR Foundation has announced a partnership with Elliptic to improve security and on-chain analysis. The partnership follows NEAR’s commitment to facilitate the onboarding of users into Web3.

Poised to enable community-driven innovation, NEAR has built a name as a high-performing blockchain structured to offer a fast, secure, and limitlessly scalable system. The hallmark of its operation is to develop a network that revolutionizes how people look at finance, creativity, and community.

Elliptic serves crypto firms, exchanges, protocols, and Web3 businesses, offering compliance solutions and related services. The firm boasts of a tier-1 forensics department with capacity to scan 500+ crypto-assets and over 20 billion data points. The firm has also cemented itself as a reliable and accurate source of insights on how crypto businesses can alleviate their risks while also being compliant.

Per the announcement, the collaboration between both firms would help the NEAR blockchain and its native token $NEAR to benefit from Ecliptic’s top-tier blockchain analytics as well as its frontier financial crime monitoring expertise.

According to NEAR Foundation CEO Marieke Flament, the firm would only be able to achieve its mission of bringing more people to Web 3 only if they are sure that the environment is secure enough for their use. This is the reason why it is collaborating with Elliptic to enhance on-chain security.

Elliptic CPO John Connolly, was quoted to have said that blockchain technologies are engrained in the financial ecosystem, and equipping businesses with the requisite infrastructure would be an effective way of enabling secure adoption as there will be transparency.

“Working with NEAR Foundation is another important step towards providing the deepest analytical and technical insight across a broad range of blockchain technologies to ensure businesses can identify trusted partners and work with crypto-assets with confidence,” explained he.

Connolly continued that the partnership with NEAR Foundation was a critical step for the entire industry, as it would allow users to have access to “the most reliable analytical and technical insight across a wide range of blockchain technologies.”

Other Perks of the Collaboration between NEAR and Elliptic

Other than security, there are many privileges that NEAR users are bound to enjoy with the new partnership.

One of the other advantages includes the visibility of the NEAR blockchain across all the products and services offered by Elliptic. At the top of the list is the use of Elliptic’s Lens and Navigator products to screen crypto wallets as well as transactions performed on the NEAR blockchain.

According to the blog post, there are also plans to integrate Virtual Asset Providers (VASPs verification) as well as crime investigation features.

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Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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