- Wells Fargo’s investment will be supporting Elliptic’s product – Elliptic Discovery.
- Elliptic Discovery will help crypto firms identify and block various illicit activities.
Wells Fargo Strategic Capital (WFSC) will be investing $5 million in Elliptic – a leading provider of crypto-asset risk management solutions for financial firms. In particular, WFSC will be supporting Elliptic’s product – Elliptic Discovery. Elliptic Discovery helps crypto firms identify and block activities related to fraud, money laundering, terrorist fundraising and other financial crimes. The platform also gives detailed transaction profiles of 200+ crypto exchanges, helping financial institutions manage risk and be compliant with regulations.
Elliptic co-founder Tom Robinson told CoinDesk:
Previously, a bank just didn’t know much about the exchange that was wanting to open an account with them. This will give them insights into how risky or otherwise a given crypto exchange is.
Several major banks have been hesitant about cryptocurrencies because of their significant risk factor. Robinson added that “Elliptic Discovery really does help a bank to engage more closely with crypto exchanges.” Wells Fargo is the first US firm to have taken an interest in Elliptic. Basil Darwish, managing director for strategic investments at Wells Fargo, said:
We are excited to invest in Elliptic and to help them execute the next phase of their business plan.