- Elliptic is a monitoring platform which aid financial institutions and cryptocurrency companies to manage risk and meet regulatory compliance worldwide through their blockchain analytics.
- As announced by Elliptic, its transaction monitoring support for XRP, the currency of the Ripple payment network, later this day.
- Elliptic has detected $400m of illicit activity through its monitoring platform.
Elliptic acquires global standard for providing safe and trusted services in multiple cryptocurrency platforms which include Bitcoin, Ethereum, Litecoin etc.
Cryptocurrency exchanges, major financial institutions, and government agencies rely on our their strict monitoring features include anti-money laundering (AML) compliance software and forensic and investigative services relied upon by Cryptocurrency Exchanges, financial institutions to analyze millions of dollars in transactions every month.
Elliptic is headquartered in London with offices in New York, Singapore, and Tokyo. Elliptic hasa been recognized by crypto-asset businesses and financial institutions worldwide to provided risk management solutions.
Elliptic’s monitoring strategies has assessed risk on transactions worth several trillion dollars, identifying activities related to money laundering, terrorist fundraising, fraud, and other financial crimes.
Their performance is backed by SBI Group, AlbionVC, SignalFire, Octopus Ventures, and Santander Innoventures.
The new system
The new monitoring system to assist financial institutions monitor XRP transactions to prevent money laundering by detecting links to criminal activity and sanctioned entities.
Elliptic announced its transaction monitoring support for XRP, the currency of the Ripple payment network, later this day.
This inceptive move will able crypto businesses and financial institutions to systematically screen XRP transactions for links to criminal activity and sanctioned entities with an enterprise-grade solution.This initiative becomes a preliminary move to assist such institutions to detect such activities.
XRP becomes the third largest cryptocurrency after bitcoin and ether by market value and an increasingly well received asset in Asia.
Elliptic has detected $400m of illicit activity through its monitoring platform. However this bulk only represents less than 0.2% of total XRP transactions signifying the fact that the vast majority of activity is legitimate.
By this announcement, Elliptic will now be able, by market capitalization, to support around 85% of all crypto-assets which includes bitcoins, ether and litecoins.
XRP becomes the latest addition to Elliptic’s leading crypto-asset risk management suite, which utilizes blockchain insights and analytics to warn its clients in appropriate circumstances.
Dr. Tom Robinson, Chief Scientist and Co-founder of Elliptic claimed that their platform was able to identify numerous XRP accounts linked to illicit activities which ranged theft to sale of illegal credit cards.
Apart from that he also highlighted the boundless groeth of criminal activities associated with crypto assets and their role in controlling the same to help institutions lke XRP.
He added that Elliptic’s AML solution will encourage XRP to gain grip in the APAC region among financial institutions and banks.
Elliptic analysts were able to understand how XRP was utilized to perform illicit activities with its unique solutions which included dark web research, identification of money laundering patterns and the collection of high-quality data linking XRP accounts to known entities.
This move from Elliptic can be accounted as a leap in the regulatory advancements.
Elliptic support to XRP will be implemented fully in the first week of December. Elliptic’s support for further assets will be prioritized based on ongoing conversations with clients and regulators.