Cryptocurrency analytics company Elliptic announced that it had raised $60 million in a Series C funding round, with SoftBank named as one of the new investors.
Elliptic plans to use the funds to invest in its global network
London-based Elliptic said that the Series C funding 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 the company’s valuation. The company plans to use the funds to invest in its global network and team and to improve its research and development further.
Richard Seewald, of Evolution Equity Partners, said: “Elliptic is at the forefront of safeguarding our digital world and has led the way in enabling the safe adoption of crypto assets across financial services. The latest fundraise provides Elliptic more resources to expand their market-leading crypto asset risk management to financial organizations, businesses, and regulatory authorities around the world.”
Blockchain analytics is becoming more popular
Elliptic was founded in 2013, and the company tracks the movement of cryptocurrencies on the blockchain. They use this technology to support financial crime compliance. Elliptic’s clients include traditional financial firms, fintech, crypto companies, and government agencies. Two-thirds of the world’s crypto volume is transacted through exchanges that use the company’s software, the company said.
As institutional capital is getting more excited about cryptocurrencies, blockchain analytics and data companies like Elliptic are becoming popular destinations to invest capital in. In June, U.S. blockchain data platform Chainalysis announced that it had raised $100 million at a $4.2 billion valuation to expand its coverage of crypto assets. The company also recently announced a partnership with Dapper Labs to fight against NFT money laundering.