Elliptic, a provider of blockchain analytics and crypto compliance solutions, today announced an agreement with US-based financial infrastructure provider Prime Trust, which aims to help fintech innovators launch quickly and scale securely in today’s digital economy.
Prime Trust, which recently announced the close of a US$64 million Series A round, continues to add systems and personnel to expand the organization’s B2B market share in crypto. Elliptic will serve as Prime Trust’s cryptoasset compliance partner.
Amid the rise of crypto transactions among retail investors and businesses a growing need for risk management, compliance and analytics has emerged in order to facilitate legitimate digital asset transactions, prevent illegitimate use and operate with excellence under the financial industry’s stringent security standards.
As part of the agreement, Elliptic will integrate several products which will allow Prime Trust to perform pre- and post-analysis checks to verify the legitimacy of cryptoasset transactions and funding. This includes Navigator, which screens cryptoasset transactions for AML or sanctions risk, Lens, which provides screen crypto wallet AML and sanctions risk screening, and Forensics, which facilitates investigations into cryptoasset wallet activity.
“We continue to see an increased demand of crypto services from established financial institutions and a booming interest from retail investors in a digital world,” said Tom Brandl, chief security officer at Prime Trust. “With the support of Elliptic, we’ve gone a step further to ensure that our customers can manage risk and scale securely with peace of mind so they can focus on the core of their business.”
“The adoption of cryptoassets is in a stage of unprecedented growth and the ability to conduct transactions with cryptoassets safely and securely will only become more important in the coming years,” Elliptic VP of Global Sales Tim Chapman added. “Prime Trust is a highly innovative business at the forefront of cryptoasset integration with the traditional economy and we are thrilled to support them with the most robust analytics and compliance tools available as they go from strength to strength.”