Venture capital firms and other investing institutions have continued to pour funds into the blockchain sector
A statement released Monday confirmed that London-based cryptanalysis and insight firm Elliptic has closed a $ 60 million Series C funding round led by Evolution Equity Partners. Two of Europe’s well-known technology investors, Octopus and AlbionVC, took part in the round. Other large companies such as Wells Fargo, Digital Currency Group and SoftBank were also represented.
“As announced in the Wall Street Journal today, we have closed a $ 60 million Series C funding round. The round is a milestone and a recognition of our crucial role in the crypto ecosystem. “ read a blog post by CEO Simone Maini.
The contribution also indicated that the funds would be invested in expansion efforts, with part in research and development. Elliptic sees these areas as critical to adapting to the ever-expanding crypto space and remaining relevant to the provision of services to institutional clients. The company went on to claim that it strives to stay ahead of the game in terms of accuracy, scope, and reliability.
Maini recognized the latest round of funding as a result of the analytics firm’s contribution to the crypto industry. The chief executive said Reuters that Elliptic’s efforts have played a critical role in growing the ecosystem and improving digital asset adoption.
“Without really solid foundational knowledge and tools that can help facilitate financial crime, protection and risk management, it’s really hard for these companies to seize the opportunity,” she noticed.
Richard Seewald, founder of Evolution Equity Partners, also recognized Elliptic’s role in securely adopting crypto in a digital world, adding that the funds will increase the reach of the analytics firm.
“The latest fundraiser gives Elliptic more resources to expand its market-leading crypto asset risk management to financial organizations, corporations and regulators around the world.”
The blockchain intelligence company provides transaction analysis for conventional financial institutions, FinTech companies and government agencies. It also offers risk management services for crypto companies. Elliptic has acquired over 100 customers since it was founded eight years ago.
Compliance with financial crime is becoming increasingly important. According to Neil Cunha-Gomes of SoftBank Investment Advisers, Elliptic gained the trust of financial institutions by entering the space early. He therefore believes that Elliptic is in a favorable position to facilitate the safe adoption of crypto.
Several other cryptanalysis firms have expanded through funding in the past few months. In June, Chainalysis raised $ 100 million in a Series E funding round that exceeded $ 4 billion in valuation. Around the same time, San Francisco-based TRM Labs raised an initial fundraising of $ 14 million.