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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP