London-based Bitcoin Blockchain surveillance and forensic compliance intelligence startup Elliptic has secured $5 million in a Series A funding round led by Paladin Capital Group. The round also gained support from Santander InnoVentures, KRW Schindler, Digital Currency Group and existing investor, Octopus Ventures.
A press release by Elliptic has announced that the firm has raised $5 million in Series A funding round. The new capital, according to the announcement will help enable Elliptic to further strengthen its position as a leading player in blockchain compliance, fraud detection and investigations technology.
London-based Elliptic was a startup originally founded as a bitcoin cold storage solution which later gained a significant financial accreditation by KMPG in 2015. Now, the firm offers blockchain intelligence tools using graph analysis and machine learning to study and detect illicit activity in the bitcoin blockchain. Elliptic’s software solutions also employs artificial intelligence to scan the Bitcoin network to identify and trace suspicious behavior to then trace it back to its source.
The release further claimed that Elliptic’s compliance and fraud detection technology, used by major US and European bitcoin exchanges and payment processors have assessed over $2 billion worth of Bitcoin transactions on the Blockchain.
Paladin Capital, the leading investor in the funding round counts retired Lieutenant General Kenneth Minihan as its managing director, who spoke about the implementation of Elliptic’s blockchain surveillance tools in US law enforcement agencies. In a statement, he opined:
Elliptic has demonstrated a powerful working product that can combat illicit activity on blockchains. Elliptic is a game-changer for blockchain and is already trusted by some of the smartest minds in law enforcement and compliance.
Notably, Elliptic’s solutions can be implemented in any blockchain including the Bitcoin Blockchain. Such applicability can leverage Elliptic’s software solutions to be used by blockchain endeavors that are currently being overseen by major […]
