In a significant development for the blockchain industry, Flare, touted as the blockchain for data, has formed a strategic alliance with Elliptic, the frontrunner in crypto asset risk management. This collaboration aims to enhance the security parameters of the Flare network by integrating Elliptic’s top-tier transaction and wallet screening tools.
One of the major highlights of this partnership is Elliptic’s wallet screening solution. Hence, before any transaction materializes, there’s an assurance of a rigorous vetting process. This safeguards against potential financial threats, such as money laundering, fraud, and any violation of sanctions. Moreover, with the integration of Elliptic’s real-time transaction screening tool, Flare users will benefit from an automatic monitoring system that screens crypto funds across various blockchains. Consequently, any illicit activity, whether terrorism financing or links to sanctioned entities, can be swiftly detected and addressed.
Additionally, as a part of this collaboration, Elliptic’s comprehensive suite of software for monitoring, compliance, and analysis will now extend its support to FLR, Flare’s native asset. This is a significant step for businesses, financial institutions, and regulators, as they can effectively utilize these tools to identify and counter illicit activities. These range from simple fraud cases to intricate schemes like sanctions evasion and terrorist funding.
Hugo Philion, CEO and co-founder of Flare expressed his views on this partnership. He emphasized providing data as a public utility, unlocking new blockchain potentials. “Partnering with Elliptic enables us to create a fortified environment for dApp builders,” Philion noted, “This collaboration not only amplifies the credibility of the Flare blockchain but also ensures the safety of its users.”
James Smith, Elliptic’s Co-founder, mirrored this sentiment. He said, “Supporting the Flare network underscores our commitment to fostering the growth of secure dApps.” Additionally, he highlighted how Elliptic’s next-gen tools would elevate the safety standards of dApps on the Flare network.
However, it’s not just about safety. Covering a massive 99% of crypto assets by market capitalization, Elliptic boasts of a repository exceeding 100 billion data points. This vast data collection empowers them to offer insights businesses can count on to mitigate risks and maintain compliance. With Elliptic’s tools seamlessly integrated, companies on the Flare Blockchain can confidently ensure on-chain compliance while steering clear of any interactions with sanctioned entities.