Elliptic, a blockchain startup based in London, has raised $60 million in Series C funding to help traditional financial markets integrate cryptocurrencies with ease of mind.
The funding round was led by Evolution Equity Partners with participation from SoftBank Vision Fund 2. Existing investors AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire, and Paladin Capital Group. This brings the total funding raised by the startup to over $100 million. Neil Cunha-Gomes, investor for SoftBank Investment Advisers, referred to the firm’s participation in the round:
“The unique nature of crypto as a maturing asset class means there is a growing need for enterprise-grade compliance and transaction monitoring tools. Elliptic was an early mover in this space and its customizable platform is trusted by financial institutions of all sizes. We are pleased to support Simone and the Elliptic team in their mission to enable safe crypto adoption globally.”
Elliptic was founded with the mission to boost crypto adoption in the traditional financial markets. The startup aims to do this by providing financial institutions, government agencies, and other businesses with software-based compliance and investigative solutions that facilitates the interaction with crypto assets by taking advantage of blockchain technology’s transparency.
The funding will be used to boost Elliptic’s research and development efforts as well as to expand its team, allowing the startup to expand its global network and maintain its leadership position. Richard Seewald, Founder and Managing Partner at Evolution Equity Partners, will be playing an integral role in these efforts after joining the startup’s Board of Directors as a result of the round. He said in this regard:
“Elliptic is at the forefront of safeguarding our digital world and has led the way in enabling the safe adoption of cryptoassets across financial services. The latest fundraise provides Elliptic more resources to expand their market-leading cryptoasset risk management to financial organizations, businesses and regulatory authorities around the world.”
With cryptocurrencies becoming increasingly attractive to organizations, regulatory efforts are being given priority by governments around the world. However, confusion around regulations continues to ensue as agencies like the Securities and Exchange Commission (SEC) have failed to issue clear and concise rulings regarding the new technology, an issue that is currently part of a legal dispute. https://www.reuters.com/legal/transactional/judge-ripple-cryptocurrency-case-wants-token-holders-views-2021-10-04/
Solutions like the one developed by Elliptic will allow financial organizations to invest in crypto while staying compliant with existing regulations, allowing them to benefit from the cryptocurrency boom.