LONDON, Oct 11 (Businesshala) – Cryptocurrency analytics firm Elliptic said on Monday it has raised $60 million from investors including SoftBank and Wells Fargo Strategic Capital, the latest blockchain analytics firm to attract mainstream investment.
Cryptocurrency, blockchain analysis and data firms like Elliptic are in high demand with large investors, partly because of the increasing regulatory scrutiny here over a field filled with compliance headaches such as the illegal use of digital tokens.
US blockchain data platform Chainalysis said in June that it had raised $100 million at a valuation of $4.2 billion, aiming to broaden its coverage of crypto assets.
London-based Elliptic said the Series C round was led by Evolution Equity, with SoftBank Vision Fund 2 investing for the first time. Other new investors include Japan’s SBI Group, Elliptic said in a statement, without disclosing its valuation.
Founded in 2013, Elliptic tracks the movement of cryptocurrencies on the blockchain – the technology underpinning them – to help with financial crime compliance.
It plans to invest in continued research and development along with its global network and team, it said.
Elliptic’s clients include traditional financial firms, fintech and crypto companies, as well as government agencies. Two-thirds of worldwide crypto volume passes through exchanges that use the firm’s software, it said.
“This fundraising round is supportive of the cryptocurrency opportunity in the financial industry,” said CEO Simone Maini. (Reporting by Tom Wilson Editing by Mark Potter)