Elliptic plans to use the funds to accelerate the adoption of cryptoassets across financial services. Here are the top-line bullets you need to know.
Elliptic, an AI-enabled cryptocurrency surveillance service provider, has raised $60M in a Series C. This round drew participation from SoftBank Group, AlbionVC, Digital Currency Group, and Evolution Equity Partners, among others.
How’s the company performing?
- UK-based Elliptic captures the blockchain sector’s analytical data to provide anti-money laundering and risk resiliency services to fintech firms, government agencies, and cryptocurrency organizations.
- The company states that 2 out of every 3 worldwide cryptocurrency trades are transacted on exchanges that use its risk management and analytics solutions.
- The company has over 100 customers across 29 countries, including Paysafe, Silvergate, Genesis, Coingate, and Uphold.
Source: Elliptic
Why does the market matter?
- The cryptocurrency market is expected to grow at a 7.1% CAGR to reach a value of $2.2B by 2026, according to Markets and Markets.
- Cryptocurrency tech has varied applications across the peer-to-peer payment, remittance, e-commerce and retail, and media & entertainment industries.
- Increasing global scrutiny of cryptocurrency assets and a greater demand for risk-mitigating tools have contributed to the surveillance sector’s growth.
Want to see more research? Join a demo of the CB Insights platform.
If you’re already a customer, log in here.
