Crypto analytics firm Elliptic raises $60 mln from SoftBank, others

By Kitco News / October 11, 2021 / www.kitco.com / Article Link

LONDON, Oct 11 (Reuters) - Cryptocurrency analytics firm Elliptic said on Monday it had raised $60 million from investors including SoftBank and Wells Fargo Strategic Capital, the latest blockchain analytics firm to attract mainstream investment.With larger investors warming to cryptocurrencies, blockchain analysis and data firms such as Elliptic are in greater demand, in part due to growing regulatory scrutiny on a sector fraught with compliance headaches such as illegal use of digital tokens here.U.S. blockchain data platform Chainalysis said in June it had raised $100 million at a valuation of $4.2 billion, aiming to widen its coverage of crypto assets.London-based Elliptic said the Series C round was led by Evolution Equity, with the SoftBank Vision Fund 2 investing for the first time. Other new investors include Japan's SBI Group, Elliptic said in a statement, without disclosing its valuation.Elliptic, established in 2013, tracks the movement of cryptocurrencies on blockchain - the technology underpinning them - to help financial crime compliance.It plans to invest in its global network and team, as well as continuing research and development, it said.Elliptic's clients include traditional financial firms, fintech and crypto companies, as well as government agencies. Two-thirds of crypto volume worldwide passes through exchanges that use the firm's software, it said."This fundraising round is an endorsement of the opportunity for cryptoassets in the financial industry," said CEO Simone Maini. (Reporting by Tom Wilson Editing by Mark Potter) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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