Blockchain analytics firm Elliptic has joined forces with crypto transaction and storage platform Fireblocks to automate anti-money laundering (AML) compliance for their shared institutional clients.
- The partnership, announced Thursday, will see Elliptic's solutions for the screening of transactions and wallets incorporated into the Fidelity-backed Fireblocks platform.
- The move means customers of both platforms will be able to check the identity as well as verify potentially risky transactions in order to reduce costs often associated with compliance procedures.
- Elliptic's chief scientist and co-founder, Tom Robinson, told CoinDesk the integration would facilitate the "screening of tens of billions of dollars worth of crypto transactions per month" by year-end.
- With crypto and associated products continuing to draw the interest of large financial institutions, AML, countering the financing of terrorism (CFT) and cybersecurity regulations have become hot topics in 2020.
- Elliptic VP of Product Andrea Ramoino said the crypto markets were garnering attention from institutional and retail investors alike as a "vehicle for value transfer and creation."
- Attaching Fireblocks to Elliptic's partner network means institutional clients would be better protected from financial crime via enhanced crypto risk monitoring, Romoino added.
- Fireblocks is looking to position itself at the fore of crypto-asset storage and security solutions having recently integrated blockchain analytics firm Chainalysis to its platform in June.
- The tools and services associated with cybersecurity in crypto are going to be key if the market is to gain trust from investors and grow, both companies said in a press statement.