Wirex, a hybrid personal finance platform that merges blockchain tech and traditional finance, announced on Friday it has strengthened its partnership with cryptocurrency safety services Elliptic to reduce the risk of cryptocurrency fraud and money laundering.
According to Wirex, the duo has been working together since 2016 to help counter and prevent money laundering as well as other illicit uses of cryptocurrency. Wirex noted that users of Elliptic software will benefit from this enhanced collaboration as Wirex red-flags wallet addresses associated with illegal and suspect activity.
Speaking about the collaboration, Pavel Matveev, CEO and Co-Founder at Wirex said:
“We have entered a new age in which conventional regulated financial frameworks and the new token economy must coexist. By uniting the existing and future financial ecosystem, Wirex occupies a unique position in the industry – we believe it is our duty to deliver innovation and choice to our customers whilst ensuring the security of their money and data. We are delighted to work with Elliptic and contribute to creating a safer environment for all.”
James Smith, CEO and Co-Founder of Elliptic added:
“The cryptocurrency community continues to work collaboratively with innovative approaches to strengthen security across the industry. Our new working arrangement with Wirex will play a significant role in helping cryptocurrency become more trusted and commonplace. This enhanced partnership is yet another milestone for companies working together with this shared purpose.”