Wells Fargo Invested in The Crypto Risk Management Company
Wells Fargo Invested in The Crypto Risk Management Company US bank Wells Fargo invests in crypto risk management start-up company Elliptic.
Helping companies to align blockchain transfers with regulations, Elliptic said it has collected over $ 28 million from investors, including Wells Fargo Strategic Capital.
Other companies investing in London-based Elliptic include SBI Group and Santander InnoVenture from Tokyo.
Elliptic aims to accelerate growth in Asia and the spread of its software, which helps financial institutions detect entrances and exits to crypto-assets and better assess the risks associated with it.
James Smith, chief executive of Elliptic, said in a telephone interview, “we’ve learned a lot about what banks need to do about managing crypto risks.”
Established in 2013 to track cryptocurrency transactions made through digital records called blockchain, Elliptic’s software is used by more than 100 customers globally to reveal connections related to money laundering, terrorist financing and avoiding sanctions.