Elliptic, a provider of crypto-asset risk management solutions for crypto businesses and financial institutions, announced on Wednesday it secured $23 million through its Series B funding round, which was led by SBI Group with participation from SignalFire, Octopus Ventures, and Santander Innoventures. Founded in 2013, Elliptic claims it has empowered financial institutions and crypto businesses to confidently manage risk and meet AML regulatory compliance worldwide.
While sharing more details about the services, Dr. James Smith, Co-founder and CEO of Elliptic, stated:
“We believe it no longer makes sense to think of a divide between the crypto economy and the wider financial system. Crypto-assets represent new opportunities for financial institutions, and as they move towards addressing these, we are here to support them. 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.”
Smith also revealed:
“This new investment will allow us to double down on our mission to enable the crypto industry to grow and take shape. We are delighted and extremely proud to have the backing of SBI Group, who will play a key role in our expansion to Asia and will support our teams in Singapore and Japan. Their involvement demonstrates not only how far the crypto world has come, but also the critical role Elliptic plays in enabling the banking adoption of crypto-assets.”
Yoshitaka Kitao, CEO of SBI Group, then shared:
“We believe that crypto-assets will play an increasingly important role in our everyday lives and are shaping the future of banking. 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.”
Elliptic went on to add that the funds will be used to continue its expansion into Asia, with new offices opening in Japan and Singapore. It will also be used to accelerate product development to support an emerging class of asset-backed crypto-assets such as Facebook’s Libra, Line Corporation’s LINK and central bank digital currencies.