A London-based blockchain firm offering cryptocurrency risk management solutions has succeeded in securing twenty-three million dollars ($23 million) in its second round of funding held by the Japanese financial services group, SBI Holdings.
Risk management in cryptocurrency space plays a vital role in instilling investor confidence and offering resilience. Thus, Elliptic, the Britain-based company that specializes in underlining questionable blockchain transactions for money laundering and financial misconducts, was perhaps destined to receive an overwhelming response when it presented its plans for expansion in the Asian markets.
According to an official release of the statement on Tuesday, Elliptic managed to garner substantial support from its current investors, which include SignalFire, a venture capital company from San Francisco, Octopus Ventures, a European venture capital for tech, healthcare, and finance-related start-ups and Santander Innoventures, a fintech venture capital firm.
Led by Tomoyuki Nii from SBI Holdings, together, they raised a whopping twenty-three million dollars ($23 million) in a series-B round of fundraising.
Elliptic’s noteworthy achievements in cryptocurrency risk management
It is worth mentioning that Elliptic’s innovative analysis tools for risk management have been successfully applied in over one hundred cryptocurrency-related businesses. Apart from raising red flags when the business becomes vulnerable to frauds, it prevents the companies from inadvertently aiding suspicious transactions.
Elliptic now plans to use this significant capital injection to boost its presence in the Asian markets and help to raise the much-needed awareness for risk management in cryptocurrencies, beginning its full-fledged operations in Singapore and Japan.
James Smith, CEO of Elliptic, rationalizes the move by stating that the firm’s expansion plans in Asia were already worked out as it has made huge profits in the region so far. The capital received will also be used to promote other alternate class of assets and emerging cryptocurrencies, which include the Line’s LINK token and Facebook’s Libra.
Cryptocurrencies are the future of money
He furthers that cryptocurrencies open up a world of possibilities for financial services and Elliptic aims to provide support with foolproof risk solutions. The crypto space may offer significant gains to investors but is still grappling with trust and accountability issues. By bringing that to the table, Elliptic plans to bridge the gap between transparency and cryptocurrency, explains Smith.
Meanwhile, Yoshitaka Kitao, CEO of SBI Holdings, expressed his agreement with Smith’s remarks by saying that cryptocurrencies are here to change the face of banking and thus, risk management will play a pivotal role in ensuring reliability.