Elliptic now supports 97% of all cryptoassets by trading volume

Elliptic now supports more than 97% of all cryptoassets by trading volume – enabling improved AML and sanctions compliance for crypto businesses

In 2014, Elliptic launched the world’s first crypto transaction screening product – Elliptic AML – later become Elliptical Navigator. At the time of its release, it supported one asset – bitcoin. This was before the launch of Ethereum and at a time when bitcoin surpassed all other assets with its $5 billion market cap. But the years that followed saw an explosion of new cryptocurrencies, ranging from cryptocurrencies to utility tokens and stablecoins.

Exchanges, custodians and other crypto service providers have jumped at the chance to support many of these new assets – attracting new users and revenue streams. But in doing so, these businesses must remain compliant with their anti-money laundering and sanctions obligations – by conducting background checks on transactions in these new assets. In response to this, Elliptic has been steadily expanding its asset coverage, and today is adding another 87 new cryptoassets to its platform. This means that crypto companies and financial institutions can now verify transactions at risk in more than 100 different cryptoassets. These supported assets, which include cryptocurrencies, stablecoins and tokens, represent over 97% of all cryptoassets by trading volume, the broadest asset coverage of any crypto transaction screening tool.

One of these new assets is Binance USD (BUSD), a USD-denominated stablecoin approved by the New York Department of Financial Services (NYDFS) and issued in partnership with Paxos. According to Samuel Lim, Chief Compliance Officer at Binance:

“Elliptic is the clear leader in crypto transaction screening. Supporting BUSD in their compliance products will help us increase the adoption of our stablecoin and maintain regulatory compliance.”

Another new advantage is Paxos Gold (PAXG), which is now operated by over 20 vaults, exchanges, wallets and lending platforms worldwide. Ed Luo, BSA/AML Officer at Paxos had this to say:

“We are delighted that Elliptic now supports BUSD and PAXG, which further promotes the coordinated use of Paxos products. Elliptic’s support will help ensure that BUSD and PAXG continue to operate responsibly and with integrity, while mitigating our risk exposure.”

Compliance teams benefit from broader oversight of cryptoassets

By increasing our coverage to over 100 of the most actively traded cryptoassets, we are empowering our clients to securely offer services in a wider range of currencies and grow their businesses.

Elliptic Navigator provides compliance professionals with a unique view of risk across all of our supported assets. Regardless of the technical details of a particular asset, we provide clear metrics that quantify the risk in a user’s entire transactional activity.

Data integrity in the spotlight with expanded crypto asset coverage

Adding additional assets to our platform presents two key challenges:

1. Infrastructure – Supporting an asset on our platform requires us to build the infrastructure to extract transactions from the asset’s blockchain and store them in a form that allows for real-time risk analysis, even as new transactions hit the blockchain.

Additional assets launched today are all tokens on the Ethereum blockchain. Since all these tokens follow the ERC-20 standard, adding these tokens is significantly less challenging than for a new blockchain.

2. Data – Providing blockchain analytics capabilities for a given cryptoasset involves an ongoing commitment to conducting research into the use of that asset and gathering data linking accounts/addresses to entities. Our analysts and data scientists perform work ranging from undercover darknet research to machine learning-based clustering to collect and augment this data.

When we add support for new assets, we never compromise on the quality of risk insight we provide. Over seven years, we’ve built a reputation for maintaining the most accurate and comprehensive data available – ensuring the effectiveness of compliance teams using our tools. Expanding our property coverage has therefore required a major investment in technology to enable us to more efficiently collect, verify and improve this data, while maintaining our exceptionally high standards of accuracy and coverage.

What’s next?

We will continue to add assets to the Elliptic platform, and several are currently in development. When considering which assets to add next, we are guided by the needs of our customers. If there is a specific cryptoasset you would like Elliptic to support, contact us now.

In the meantime, watch ours webinar on demand, for better insight into how to balance business growth and compliance while expanding support for cryptoassets.

New assets added today are:

ANT, AOA, BCAP, BNT, BOX, BRD, BUSD, CEL, CELR, CENNZ, CHSB, CHZ, CRO, CRPT, CVC, DAI, DENT, DGD, DGTX, DX, EKT, ELF, ENG, ENJ, EURS, FET, FOAM, FTM, FTT, FUN, GNO, GNT, HEDG, HOT, HPT, HT, ICX, IOST, KCS, KNC, LAMB, LEND, LEO, LINK, LOOM, LRC, MANA, MATIC, MCO, MFT, MITH, MKR, MLN, MOF, MTL, NEXO, NMR, NPXS, OKB, OMG, ORBS, OXT, PAXG, PAY, POLY, POWR, PPT, QNT, QTUM, RCN, REN, REP, RLC, SAI, SEELE, SNT, SNX, STORJ, STPT, SXP, TUSD, VET, VGX, WBTC, WETH, WTC, ZB.