Crypto risk management firm Elliptic on Wednesday announced that it has closed a $23 million Series B funding round and will bolster its presence with the high demand for its services in global markets.
The round was led by Japanese financial conglomerate SBI Group and was joined by London-based AlbionVC as a new investor. Apart from them, the existing investors of the blockchain analytics company, including SignalFire, Octopus Ventures, and Santander, also increased their stake in the firm.
“Elliptic’s work to enable trust, transparency, and accountability within the industry has played a critical role in the push beyond cryptocurrency’s experimental phase,” Dr. James Smith, co-founder and CEO of Elliptic, said. “This new investment will allow us to double down on our mission to enable the crypto industry to grow and take shape.”
Per the announcement, the fresh capital will be utilized in expanding the firm’s business in Asia as in the past two years revenue of the firm from its Asian clients increased 11-fold. The London-based company is planning to open two new offices on the continent – one in Japan and the other in Singapore.
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Making crypto transactions more secure
Founded in 2013, the company profits from threats to crypto-based companies by offering solutions to mitigate risks, frauds, and illegal transactions by monitoring transactions with its proprietary system.
The company also closed its Series A round in 2016 after securing $5 million, and according to Crunchbase, the company raised $35 million to date.
The firm also provided services to Coinbase for the data management on the exchange. However, the partnership went sour when an executive of the exchange alleged that Elliptic was selling its customer data to third parties. The blockchain analytics firm, however, denied the allegation, citing it had no access to customer information on the exchange.
“Our investment in Elliptic is a further commitment to this belief and to SBI Group’s appetite to help build the digital asset-related ecosystem,” Yoshitaka Kitao, CEO of SBI Group, added.
“Elliptic’s pioneering approach is enabling the transparency, integrity, and trust necessary for this vision to become reality. We are seeing a growing demand for their services across our portfolio of crypto-assets related companies and view Elliptic as best-placed to meet this considerable opportunity.”