• Wells Fargo's investment will be supporting Elliptic’s product - Elliptic Discovery.
  • Elliptic Discovery will help crypto firms identify and block various illicit activities.

Wells Fargo Strategic Capital (WFSC) will be investing $5 million in Elliptic - a leading provider of crypto-asset risk management solutions for financial firms. In particular, WFSC will be supporting Elliptic’s product - Elliptic Discovery. Elliptic Discovery helps crypto firms identify and block activities related to fraud, money laundering, terrorist fundraising and other financial crimes. The platform also gives detailed transaction profiles of 200+ crypto exchanges, helping financial institutions manage risk and be compliant with regulations. 

Elliptic co-founder Tom Robinson told CoinDesk:

Previously, a bank just didn't know much about the exchange that was wanting to open an account with them. This will give them insights into how risky or otherwise a given crypto exchange is.

Several major banks have been hesitant about cryptocurrencies because of their significant risk factor. Robinson added that “Elliptic Discovery really does help a bank to engage more closely with crypto exchanges.” Wells Fargo is the first US firm to have taken an interest in Elliptic. Basil Darwish, managing director for strategic investments at Wells Fargo, said:

We are excited to invest in Elliptic and to help them execute the next phase of their business plan.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: Bart Simpson pattern implies BTC price manipulations

Bitcoin volatility jumped to November 2019 high amid a sudden price collapse during US trading hours on Wednesday. Bloomberg reports that amid the price decline, 10-days volatility surged to 65%, while the 30-days volatility in the highest since January 28 at 35.40%.

More Bitcoin News

Ethereum Price Analysis: ETH/USD creates double-top formation, risks further sell-off

Ethereum (ETH) now the second-largest digital asset with the current market value of $28.3 billion, has lost nearly 8% in recent 24 hours to trade at $256.0 at the time of writing.

More Ethereum News

LTC/USD breakdown could test $65 ahead of recovery to $100

Litecoin has been posting frequent gains ever since the price broke above the long term resistance trendline that started in June 2019. The recovery has also remained within the confines of an ascending channel.

More Litecoin News

Bitcoin Cash Price Analysis: BCH/USD desperately searches for support, breakdown to $350 looms

The cryptocurrency assets suffered another massacre on Wednesday during the American session. The mid-week recovery posted on Tuesday through to Wednesday turned out to be a bull trap.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP