Crypto Risk Management Solution Provider Elliptic Completes Pilot with Santander on Detecting Suspicious Activity

Elliptic, the leader in crypto-asset risk management solutions, revealed on Tuesday (June 22, 2021) that it has completed a pilot with Banco Santander in identifying or detecting suspicious activity linked to digital assets.

As mentioned in a release, this pilot is “helping Santander understand the risks emerging from digital assets and explore mitigation strategies.”

As noted in the update:

“During the exercise, Elliptic’s industry leading Discovery solution was deployed to help Santander assess its indirect exposure to crypto by flagging and analysing transactions between the bank’s customers and crypto exchanges.”

Manuel Silva Martínez, General Partner at Mouro Capital, noted that Elliptic is one of their  oldest investments, and they’ve been a good partner at assisting them with navigating through the complexities of the distributed ledger technology (DLT) and the crypto space.

Martinez said his company was looking forward to seeing Elliptic’s technology “in collaboration with Santander to better understand and protect the bank’s business and customers.”

Simone Maini, CEO of Elliptic, remarked:

“This pilot demonstrates Elliptic’s commitment to helping financial institutions understand their exposure to crypto assets and mitigate crypto anti-money laundering risks. This successful exercise is clear evidence that working with Elliptic enables leading organisations to navigate the rapidly-evolving crypto ecosystem with confidence.”

Elliptic’s Discovery uses advanced blockchain or DLT analytics to carry out counterparty risk assessment on cryptocurrency exchanges “at scale.” The solution was developed using “accurate and comprehensive crypto dataset offering over 97% coverage of crypto transactions by trading volume, along with the largest collection of crypto exchange risk profiles.”

At present, the solution is being used by large financial institutions across the globe, and has assisted them with addressing regulatory requirements, while also achieving overall “efficiency gains within Financial Crime Operations and Compliance.”

Mouro Capital, an autonomously managed VC fund focused on Fintech firms and adjacent businesses, “participated by Santander, invested in Elliptic in 2016.”

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