Elliptic – which claims to be the global leader in crypto-asset risk management – is pleased to announce that it is collaborating with Provenance Blockchain Foundation in order “to integrate the Provenance Blockchain into its wallet intelligence tool.”
With Elliptic Lens, companies transacting on the Provenance Blockchain will “have access to a real-time screening tool which will uncover links to illicit actors.”
As financial institutions transition to conducting more traditional financial activities on-chain, it is critical that they “leverage necessary compliance infrastructure – like those provided by Elliptic – to meet regulatory compliance requirements.”
By supporting the Provenance Blockchain, Elliptic’s goal is “to help accelerate this adoption of tokenization by equipping financial institutions with the necessary tools to feel safe transacting on-chain.”
Elliptic covers 98% of crypto-assets by market capitalization and “has over 100 billion data points which provide accurate, actionable insights that its customers can rely on to mitigate risk and be compliant.” By integrating with Elliptic’s tools, financial services companies operating on the Provenance Blockchain can “ensure on-chain compliance and safeguard their businesses from sanctioned actors.”
Provenance Blockchain Foundation’s Head of Developer Ecosystem, Joshua Maddox said:
“We’re thrilled to be welcoming Elliptic into the Provenance Blockchain ecosystem. They provide critical institutional-grade tools to anyone who cares about regulatory compliance on blockchain and the growth of Provenance Blockchain. As a recognized leader in the compliance and monitoring space, they fill an important gap in the digital-native financial asset lifecycle and can be easily leveraged or integrated into platforms and issuer operations on Provenance Blockchain.”
Provenance Blockchain claims that it is “a leading blockchain, purpose-built to support financial service use cases.”
Built in the Cosmos ecosystem, the open-source blockchain “has over $8 billion in real-world asset locked value on-chain, has supported over $12 billion in transactions, and is leveraged by more than 60 leading financial institutions across banking and payments, private equity, capital markets, lending and asset management.”
Hailing the new collaboration and integration, Elliptic Co-founder Jamies Smith said:
“By associating wallets active on Provenance with real-world actors, Elliptic enables financial institutions to better manage their risk while transacting on the Provenance Blockchain. Financial institutions can leverage Elliptic’s products to scan wallets and transactions, so that they can understand the risk of their counterparties, fulfilling both internal compliance policies and those set forth by regulators.”
As covered, Elliptic claims it is “the global leader in crypto-asset risk management for crypto businesses, governments and financial institutions worldwide.”
Recognized as a WEF Technology Pioneer and backed by investors including J.P. Morgan, Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has “assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes.”
Elliptic is headquartered in London “with offices in New York, Singapore, and Tokyo.”
As noted in the update, Provenance Blockchain is “modernizing financial services with an open source, public blockchain that is purpose-built and properly permissioned.”
The “leader” powering financial services with over $8 billion in real-world financial asset value locked (TVL) and over $15 billion in supported financial transactions, Provenance Blockchain is leveraged “by more than 70 leading firms, from the largest banks and asset managers to the most innovative emerging fintechs.”
