Wells Fargo Strategic Capital, an American multinational financial services company, invested more than $5M in Elliptic’s Series B investment round. The investment will fund products for big financial entities to help with cryptocurrency and digital asset management as Elliptic counteracts cryptocurrency-related crime and offers blockchain analytic investigation services.
The two investment rounds brought Elliptic’s Series B a total of $28M. Other big-name investors include SBI Holdings and Santander InnoVentures.
The fund will be used to fuel Elliptic’s expansion, especially in Asia regions. Furthermore, the company hopes to accelerate the development of Elliptic Discovery, a solution for financial regulations. The system was designed to help banks identify customers that can handle high risks and make transactions with Cryptocurrency Exchanges more precisely. It features around 200 Exchanges along with detailed information regarding the rules and regulations required for each service provider.
Worldwide Aim to Counter Laundering
Since last year, governments around the world have made several attempts to combat money laundering. Financial Action Task Force (FATF) conducted international regulations to oversee the direction of digital assets, focusing on anti-money laundering (AML) and stricter know-your-customer (KYC).
The European Union also recently proposed and enacted its fifth evolution of the Anti Money Laundering Directive (5AMLD) in 2020. Thus, all member countries have to comply with anti-money laundering (AML) procedures.
You may also want to read: 40 German Banks Seek Regulator’s Go-Ahead to Offer Digital Asset Services
