Curv, an institution-focused cryptocurrency wallet, has partnered with Elliptic, a crypto Risk Management firm, to increasing anti-money laundering (AML) compliance of the multicurrency-wallet.
As shared with Finance Magnates, Curve will now integrate Elliptic transaction risk score into its wallet platform.
“This functionality will continue to pave the way for institutional adoption. As we know, one of the major hurdles to the widespread adoption of crypto is the risk of association with bad actors. Now, institutions leveraging Curv-Elliptic can represent compliance controls that are even more advanced than those of traditional markets,” Curv COO Josh Schwartz told Finance Magnates.
Curv offers crypto storage services primarily to institutions, including exchanges, custodians, OTC Desks , brokers, traditional financial institutions, and digital asset managers. All market participants require a means to monitor, enforce, and report on their compliance efforts with whatever key management or wallet infrastructure approach they choose to adopt, the company explained.
“With Elliptic Curv’s actionable intelligence, clients can further determine their risk profile and preferences in real-time with each transaction, and can maintain control by programmatically setting risk parameters for their institution using Curv’s authorization layer,” Curv wrote in an email response.
Curv guarantees anonymity with its wallet platform, and even with the implementation of the new AML solution, it clarified that its partner Elliptic could not distinguish who the end customer is; it will only know it is a counterparty of a Curv customer.
Increasing demand for AML solutions in the crypto industry
Meanwhile, with the massive demand for compliance solutions in the crypto industry, Elliptic raised $28 million in its recent Series B funding round, receiving investments from Walls Fargo - totaling its total funding at $40 million.
Elliptic was also the previous data managing partner of Coinbase and now provides service to companies like Bitcoin Suisse.
