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Making crypto safer for financial institutions
As announced in The Wall Street Journal today we closed a $60 million Series C funding round. This round is a milestone and recognition of our critical role in the crypto ecosystem.
That ecosystem has exploded. Innovation has accelerated and the number of cryptocurrency companies has soared. As an asset class, cryptocurrency has grown more than 10-fold in five years and is worth $1 trillion.
A another 10x growth to come — and it will be driven by businesses that want to shape the future of finance.
Each of the largest crypto exchanges performs tens of billions worth of transactions daily. Established institutions also enter: Goldman Sachs, Visa, JPMorgan, Wells Fargo, Fidelity, PayPal and Square are involved in cryptocurrency today.
All these companies need to understand when they can let things play out – and when they need to intervene. Because stopping financial crime is a regulatory and moral imperative. A healthy ecosystem is safe.
That’s where we come in. Through a range of techniques, from machine learning to infiltrating darknet markets, we have built an ‘identity layer’ for blockchains. We map real-world signals to pseudonymous entities and events. We then turn all of this into risk insights for transactions, wallets and institutions — that our clients use to make cryptocurrency more secure.
Our products and vision have the support of VCs and banks from the USA, Europe and Asia. With this latest round, we welcome Evolution Equity Partners, who fund high-potential software companies protecting the digital world, to our board and board. SoftBank, the world’s largest technology investor, is also entering the market.
In backing Elliptic, Evolution and Softbank join existing investors, including the investment arms of two of the world’s largest banks, Wells Fargo and Santander, and two of Europe’s top technology investors, Octopus and AlbionVC.
We are starting the next phase of our journey with their support and what we will be doing:
More research and development
We will accelerate our research and development, building on the needs of the most demanding institutions, while crypto grows another 10x. We won’t be beaten for scale, reliability or accuracy. And we will maintain the best crypto risk identification capability in the world.
That’s only with our current product suite. We also hatch new products — watch this space.
Building our winning team
We have already grown, as a team, by almost 50% this year and will use this investment to grow even faster. By the end of 2022, we will grow to more than 200 Elliptites worldwide.
Expanding our global network
Our clients operate globally, and our revenues come from all regions of the world. We will continue to grow our leading team of customer experts who already work across 18 time zones, so we can serve more customers more closely.
And finally
A big thank you to everyone who has traveled with us so far:
Our customers, who are the reason we exist. Our investors, because they support us financially and emotionally. And the Elliptic team that, through corruption and ingenuity, built a company to be proud of.
We look forward to our future together — and to the future of money itself, as we make it safer.
Simone Maini, CEO
Compliance Financial Services Global
