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.
 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin retail traders remain fearful, here’s why BTC could test all-time high

Bitcoin retail traders remain fearful, here’s why BTC could test all-time high

Bitcoin retail traders and small wallet holders reduce their holdings amidst fear of a steeper correction in the largest cryptocurrency by market capitalization. BTC price consolidates below the $100,000 level on Thursday, erasing less than 2% of its value on the day. 

More Bitcoin News
US states push for Bitcoin reserves, could buy $23B in BTC

US states push for Bitcoin reserves, could buy $23B in BTC

A total of 20 US states are pushing for Bitcoin Reserves, with some proposals already moving forward. If these bills pass, they would require $23 billion in Bitcoin purchases, creating significant demand.

More Bitcoin News
Ripple's XRP eyes a recovery as investors switch toward accumulation

Ripple's XRP eyes a recovery as investors switch toward accumulation

XRP investors have been accumulating following an uptrend in the Mean Coin Age metric. However, the XRP derivatives market is yet to recover from a 30% open interest decline in the past week.

More Ripple News
Ethereum could see a boost as Cboe files for 21Shares to begin staking within its ETH ETF

Ethereum could see a boost as Cboe files for 21Shares to begin staking within its ETH ETF

Ethereum (ETH) could be set for increased demand in the coming months following Cboe BZX 19b-4 filing with the Securities & Exchange Commission (SEC) to enable staking for the 21Shares Core Ethereum exchange-traded fund (ETF).

More Ethereum News
Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP