Tech firm, ComplyAdvantage, has linked with Elliptic as part of a new partnership to bolster the fight against financial fraud.
The link will see the launch of a blockchain analysis and transaction monitoring tool that will help crypto firms detect and avoid financial crime.
Simone Maini, CEO of Elliptic commented: “Empowering crypto businesses with bank-grade payments risk solutions is critical to helping them join the mainstream of financial services in a way that is trusted and secure.
“Our partnership with ComplyAdvantage is an exciting opportunity to develop robust solutions that provide businesses with deep insight into a broad range of blockchain technologies.”
Furthermore, the partnership comes at a critical time for the industry, as the ability to monitor crypto transactions has become ‘considerably more challenging’ with the introduction of new services such as NFTs, privacy wallets, and decentralised finance (DeFi) networks.
“By working with Elliptic we now offer a more comprehensive blockchain analysis transaction monitoring solution for our rapidly growing base of crypto customers,” added Charlie Delingpole, founder and CEO of ComplyAdvantage.
“Data is key to preventing financial crime and our hyperscale approach to risk management is enhanced through valuable partners like Elliptic.”
Through combining the two sectors of fiat and crypto risk assessment by integrating Elliptic’s blockchain analytics into the ComplyAdvantage platform, users will be able to consolidate their risk management processes, ‘deep dive’ into blockchain transaction history and risk scoring, and reduce the time and cost spent on integrating compliance workflows between fiat and crypto.