9 years ago

Elliptic Raises $5 Million for Blockchain Forensics Tool

  • Elliptic, a UK fintech startup, has raised $5 million in Series A funding to develop its blockchain forensics tool

  • Elliptic's technology traces transactions on the Bitcoin blockchain to identify suspicious activity and combat money laundering

  • The company has seen growing demand from both Bitcoin businesses and law enforcement agencies

  • Elliptic's competitors include Chainalysis and Block Seer.

      • ProblemTechnology Infrastructure

      "Making sure that Bitcoin transactions are compliant with anti-money laundering (AML) regulations is a difficult task. There is a lot of complexity in the blockchain and a lot of potential for bad actors to try to hide their money."

      Solution

      "Elliptic has developed a tool that uses machine learning to analyse blockchain transactions and flag suspicious patterns. This helps companies and law enforcement agencies to identify and stop money laundering."

      Covered on