Elliptic Discovery Established to Seamlessly Assist Banks in Crypto-Asset Decisions
Brian Njuguna Dec 12, 2019 13:00
Elliptic, a London-based provider of crypto-asset risk management solutions, has revealed the launch of Elliptic Discovery, a database of more than 200 worldwide crypto exchanges, that is purposely built for banks in their quest to determine the flow of funds into and out of crypto-assets.
Elliptic, a London-based provider of crypto-asset risk management solutions, has launched of Elliptic Discovery, a database of more than 200 worldwide crypto exchanges, that is purposely built for banks in their quest to determine the flow of funds into and out of crypto-assets.
Elliptic Discovery seeks to offer banks insights about opportunities and risks presented by crypto exchanges as it comprises of a wide range of identifiers and risk indicators.
Some of the information to be availed pertaining to crypto exchanges include compliance policies, regulatory status, corporate entities, and jurisdiction. Additionally, blockchain insights about the crypto assets they have handled will be provided.
Banks to easily comprehend the crypto ecosystem
By utilizing Elliptic Discovery, banks will be in a position to comprehend their overall exposure to crypto-assets based on their clients’ activities. Moreover, they will be able to spot customers whose crypto assets are endangered by sanction risks or money laundering.
James Smith, Elliptic’s CEO and co-founder, noted: “For too long, banks' lack of visibility into the crypto-asset ecosystem has led to zero-tolerance for this emerging asset class. This has frustrated their customers, while they have remained blind to the actual risks posed by their exposure to crypto-assets. Elliptic Discovery changes that by enabling banks to shine a light on their customers' crypto-asset activity and take a risk-based approach.”
He added: “Not all crypto-asset exchanges are alike and Elliptic Discovery will allow banks to make this distinction and seize the opportunity to work more closely with these businesses, based on an evidence-based assessment of the risk.”
Elliptic Discovery, therefore, seeks to propel transparency between traditional financial institutions, such as banks, and crypto exchanges so that a win-win situation can be established.
Elliptic partnered with Zilliqa, a Singapore-based blockchain network provider as reported on Nov. 28, to facilitate the infrastructure compliance and security of the latter’s network by offering an anti-money laundering (AML) compliance support.
Image via Shutterstock
Image source: Shutterstock
