Of all the innovators investing time to grow the Bitcoin community, Elliptic is interesting given their focus on making it easier for compliance teams to identify patterns of irregular activity on the bitcoin Blockchain, allowing law enforcement to peel back a layer of the pseudonymous digital currency. While transparency and removing anonymity of bitcoin transactions is not their stated goal, advanced forensics capability in the bitcoin space might push the currency towards adoption. And of course, they intend to start focusing on other no-bitcoin blockchains with the newly raised capital.
Elliptic takes in $5M for its blockchain forensics tool |…
UK fintech startup Elliptic has pulled in a $5 million Series A round to keep building out its blockchain forensics tool. Its transaction-tracing technology mines the public Bitcoin ledger to identify and flag up suspicious transaction patterns within the distributed digital currency — offering the promise of combating Bitcoin-powered money laundering and other criminal activity.
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