Elliptic, a company specializing in tracking transactions on public blockchains, raised $23 million during Series B financing round, and the Japanese corporation SBI Holdings has become the largest investor.

AlbionVC, SignalFire, Octopus Ventures and Santander Innoventures also participated in the financing round.

Elliptic intends to gain a foothold in the Asian markets. The company has already opened an office in Singapore and announced the plans to open another one in Japan. Notably, representatives of SBI Holdings and AlbionVC will become members of the board of directors.

Elliptic founder and CEO James Smith explained that they were attracted by friendly regulatory approach established licensing procedures. The company intends to gain a foothold in Japan, and then proceed with the expansion in Asia.

"This new investment will allow us to double down on our mission to enable the crypto industry to grow and take shape. We are delighted and extremely proud to have the backing of SBI Group, who will play a key role in our expansion to Asia and will support our teams in Singapore and Japan. Their involvement demonstrates not only how far the crypto world has come, but also the critical role Elliptic plays in enabling the banking adoption of crypto-assets," James Smith said.

He emphasized that SBI Holdings will integrate its AI-based and machine learning products developed by Elliptic both into its exchange business (VCTrade) and in custodial services. In addition, SBI Holdings (a major holder of XRP) believes that the company is best suited for tracking transactions on the Ripple network.

Also, Elliptic is engaged in developing monitoring services for Facebook's Libra and Central Bank's Digital Currencies (CBDC).

It is also worth noting that the company raised $12 million within five years during seed rounds and Series A round.

According to Forbes analysts, the main competitor of Elliptic - startup Chainalysis - could become the next "unicorn." By now the comoany has already raised $53 million.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple does not stand a chance against SEC, affirms former securities regulator

Ripple does not stand a chance against SEC, affirms former securities regulator

Former Chief Robert Cohen believes the Securities & Exchange Commission's (SEC) ’s case against payment giant Ripple is key, however the outcome may not be as significant. The regulator is likely to file a motion for reconsideration on losing the case against Ripple. 

More Ripple News

Cardano’s Vasil hard fork launches on testnet positioning ADA price for a breakout

Cardano’s Vasil hard fork launches on testnet positioning ADA price for a breakout

Cardano price is at a point in its journey where things could go either way. As ADA consolidates above a stable support level, things could turn ugly if it breaks or bullish if it bounces. Therefore, investors need to be careful with their decision.

More Cardano News

Why this boring phase of LUNA price will result in handsome returns

Why this boring phase of LUNA price will result in handsome returns

LUNA price has been consolidating tightly since June 30, after undoing the gains seen over the previous week. This small range, suggests that an explosive move is around the corner, although the direction of a breakout remains to be seen.

More Terra News

Argentines take refuge in stablecoins after economy minister resignation

Argentines take refuge in stablecoins after economy minister resignation

Following the resignation Saturday of Argentina's economy minister Martin Guzmán amid an economic crisis, Argentines purchased between two and three times as many stablecoins as they do on a typical weekend, crypto companies in the country told CoinDesk.

More Cryptocurrencies News

Bitcoin: This support level can define BTC’s fate

Bitcoin: This support level can define BTC’s fate

Bitcoin price ended Q2 with a -56% return, which is the first in its 11-year history. On-chain metrics hint at bottom formation but technicals reveal more room to the downside. Bitcoin price has finished the first half of 2022 and things are not looking good. With record negative returns, BTC is likely to continue heading lower, especially if one particular support level is breached. 

Read full analysis

BTC

ETH

XRP