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Blockchain Startup Elliptic Rakes In $23 Mln During Series B Funding Round

  • Alex Dovbnya
    📰 News

    The startup that helps crypto businesses to spot ill-gotten money has witnessed a five-fold growth since its Series A round  

Blockchain Startup Elliptic Rakes In $23 Mln During Series B Funding Round
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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. 

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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.

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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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