WealthTech

Crypto Monitoring Firm Elliptic Raises $23m for Asia Expansion

Elliptic

Cryptocurrency surveillance firm Elliptic has secured $23m of investment to fund its ongoing expansion in Asia.

The UK-based startup screens cryptocurrency transactions for signs of illegal activity, from money laundering to terrorist financing.

The series B fundraising was led by Japanese financial services firm SBI Group which has been given a seat on the Elliptic board in return.

In addition to funding Elliptic’s Asian ambitions, the new investment will also allow the fintech to develop products for new asset-backed crypto projects such as facebook’s Libra, said Elliptic.

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The fledgeling crypto trading market is also attracting greater scrutiny from international regulators, hence the emergence of firms offering crypto transaction monitoring services.

“Financial institutions can no longer ignore the risks and opportunities presented by crypto-assets, and we are here to support them,” said James Smith, the CEO and co-founder of the company.