Crypto compliance provider Elliptic has adopted the Mimblewimble protocol for increased security when trading with Litecoin.
Regulated businesses that support transactions made with the asset are required to comply with AML regulations and investigate the nature of each transaction, which can interfere with the option to confine the process and conceal both the participants and the transfer’s amount.
By bringing support for the Mimblewimble protocol to its solutions, Elliptic allows for the provision of both AML compliance and privacy fulfilment. Instead of tracking or ‘unveiling’ a set transaction, businesses with an integrated Elliptic offering can identify whether a Litecoin payment or a Litecoin wallet has requested anonymity, which is then risk-assessed by compliance professionals.
Dr Tom Robinson, Chief Scientist at Elliptic, commented: “By providing visibility of Mimblewimble activity, Elliptic’s transaction and wallet screening solutions provide businesses with the risk insights they need to continue to support Litecoin, while meeting their legal obligations.”
