According to CNBC, Elliptic, the startup that tips cryptocurrency exchanges off about illicit transactions, has managed to raise $23 mln during its Series B funding round, which was spearheaded by Japanese behemoth SBI Group. The Blockchain sleuth will use its freshly raked in funds for expanding into the Asian market.
Banishing bad actors
With extremist groups organizing cryptocurrency fundraising campaigns, lawmakers are ringing alarm bells about the security pain points of the newfangled asset class. As reported by U.Today, vocal crypto hater Bred Sherman even claimed that Facebook’s Libra would be worse than 9/11.
Elliptic, which was founded in 2013, steps into the breach by providing crypto firms with necessary tools for screening gargantuan volumes of transactions and analyzing them for nefarious activities such as terrorism, money laundering, and drug trafficking.
Because we are always on top of what's about to happen, we can see when those funds start to move to exchanges," Elliptic's CEO James Smith told CNBC.
Eyeing the Asian market
The startup, which was founded back in 2013, raised $5 mln during its Series A funding round back in 2016. Back then, Elliptic had less than 20 customers under its belt.
As of now, Elliptic is cooperating with more than 100 companies, but it doesn’t plan to stop there. The company will reportedly open new offices in Japan and Singapore in its bid to venture into the burgeoning Asian crypto market.
This new funding will help us expand in the right way, namely by making the push into Asia without diluting our focus on the US and EMEA,” Smith adds.