On-chain analytics company Elliptic is partnering with institutional digital-asset security specialist Fireblocks to integrate its risk screening solutions in order to monitor crypto transactions within the platform.
Announced today, the partnership will strengthen Fireblocks’ security standards and Anti-Money Laundering (AML) compliance. Also included are Elliptic’s analytic tools designed to help uncover and block activities related to money laundering, terrorist fundraising, fraud, and other financial crimes.
The two companies will provide a package of their respective solutions to allow joint customers to identify and take action on potentially risky transactions. Furthermore, the ability to more easily comply with AML standards could prove to be a cost-saving measure for both crypto firms and other players in the space.
Elliptic’s product helps banks to assess hundreds of crypto exchanges operating worldwide. Called ‘Elliptic Discovery,’ this solution is purpose-built to enable users to identify crypto exchanges that are complying with strict regulatory standards. Discovery boasts a database of hundreds of exchanges, collected since 2013, including their owners, jurisdiction, regulatory status, and compliance policies.
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“By adding Fireblocks to our partner network, our institutional customers can have absolute peace of mind knowing they are protected from financial crime with strengthened crypto risk monitoring and security when moving funds between exchanges, hot wallets, custodians, and counter-parties”, says Andrea Ramoino, VP of Product at Elliptic.
Fireblocks Onboards New Institutions
Fireblocks is backed by Tenaya Capital, Fidelity’s investment arm Eight Roads, and counts Galaxy Digital, Celsius, Genesis, and other large institutional players as clients. The company supports over 180 tokens and has obtained access to more than 20 major exchanges that are reportedly moving nearly $2.5 billion in digital assets each month.
Fireblocks’ technology, dubbed ‘Secure Transfer Environment,’ allows for trading digital assets between exchanges, wallets, custodians, and counterparties while meeting all enterprise security requirements. It offers safe transitions of crypto assets between those providers and claims to eliminate the theft of private keys or compromise of API keys and deposit addresses using the chip isolation technology (SGX).
Fireblocks also tried to present several different cases for its users, like earning passive income or safeguarding assets. Most recently, it partnered with the DeFi platform to offer OTCs, exchanges, and funds to deploy assets onto a Compound and earn 3% to 7% interest.
“By partnering with the top AML and crypto compliance firms like Elliptic, we are now delivering a complete digital asset infrastructure from which our customers can launch digital asset products and services that meet enterprise-level standards across security and compliance,” added Rob Salman, VP of Business Development.