Crypto compliance company Elliptic has successfully raised $23 million in funding in a recently held Series B round headed by SBI Holdings from Japan.
Expanding in Singapore and Japan
A recent press release revealed that the Elliptic will utilize the funds to continue its expansion in Asia. The company is set to open offices in Singapore and Japan.
The million-dollar investment will reportedly be used to expedite product development to reinforce asset-backed digital currencies like those used by central banks, Line Corporation’s Link, and Facebook’s Libra.
Elliptic was established in 2013, with the objective of providing support for the mainstream integration of crypto assets. In 2014, the company released the world’s first-ever monitoring system for crypto asset transactions. The system enabled the business to engage safely with the developing asset class.
James Smith on the Topic
James Smith, one of Elliptic’s founders and its current CEO, stated that they’re gratified to have the support of financial powerhouse SBI Holdings. The Japanese company will reportedly play a key role in its Asian expansion.
Smith also said a division between the cryptocurrency economy and the larger financial ecosystem doesn’t make sense anymore. He explained that crypto-assets signify new chances for financial institutions and said Elliptic will be there to support and address their needs.
SBI Holdings CEO Yoshitaka Kitao apparently feels the same as he stated his belief that crypto will play an increasingly significant part in banking’s future.
Elliptic has been quite visible in the news recently. The company was reported to have rolled-out its Elliptic Data Set in August. The program is purportedly designed to assist users in identifying illegal transactions and dealings related to terrorist funding and money laundering.