July 22, 2024

Wells Fargo Bank invested in Elliptic blockchain analysis service

Analytics company Elliptic raised $28 million in a Series B investment round.Part of the amount — $5 million — is an investmentone of the largest US banks Wells Fargo, writes CoinDesk.

Elliptic will spend the raised funds on openingAsian affiliate and hiring staff to sell their new Discovery product. The service helps cryptocurrency exchanges establish cooperation with the traditional banking system.

Discovery provides information on more than 200 exchanges around the world: the availability of procedures at KYC / AML sites, their control by local regulatory authorities.

“It is difficult for banks to identify exchanges operating in the legal field. Using the Discovery data, banks will be able to examine all the risks and choose the exchanges with which they can safely conduct business. ”- stated in the company.

Wells Fargo was the first US bank to support Elliptic. In September 2019, the company already raised $ 23 million from the Japanese corporation SBI Holdings.