05.27.2022

J.P. Morgan Invests in Blockchain Compliance Product

05.27.2022
J.P. Morgan Invests in Blockchain Compliance Product

Elliptic, a global leader in cryptoasset risk management, announced J.P. Morgan as an additional investor as part of its recent $60 million Series C funding round led by Evolution Equity Partners and including SoftBank Vision Fund 2, AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire and Paladin Capital Group.

This investment will help accelerate Elliptic’s global expansion and further enable financial services market institutions to embrace the crypto opportunity with increased trust and confidence. Elliptic serves traditional financial institutions, fintechs, crypto businesses and government agencies with a leading suite of compliance and investigative solutions built specifically for cryptoassets.

Elliptic’s blockchain compliance product can support more than 500 crypto assets, or more than 98% of all cryptoassets by market cap. Furthermore, two thirds of crypto volume worldwide is transacted on exchanges that use Elliptic solutions.

Simone Maini, Elliptic CEO, said: “As an asset class, crypto has grown by more than 10x over the last five years and is now worth more than $1 trillion. A potential further 10x of growth lies ahead — and will be driven by businesses keen to shape the future of finance. We are focused on enabling the opportunity to help organizations unlock the true value of crypto.

“As more established financial institutions move into the sector, these companies need to understand when they can let transactions run — and when they should intervene. Stopping financial crime is not just a regulatory requirement but an ethical one, and a safe ecosystem is a healthy ecosystem.”

Source: Elliptic

Related articles

  1. Credit Suisse’s strategy is good news for its 2,800 employees at Madison Avenue

    The capital raise is expected to strengthen the group’s CET1 ratio by 140 basis points.

  2. Aim is improve risk management, boost efficiency and enhance customer service.

  3. Buy Side Forced to Review Collateral Arrangements

    As rates and volatility rise, the need to optimise the value of collateral is greater than ever.

  4. The banks allegedly colluded to distort competition when trading bonds.

  5. Taylor Cable will lead Cowen Digital’s European and Asian activities.