Elliptic and Fireblocks Integrate to Strengthen Enterprise Security and Compliance in the Crypto Industry
Elliptic, the global leader in cryptoasset risk management solutions, and Fireblocks, an institutional platform for storing, transferring, and issuing digital assets, announced today that Elliptic’s blockchain analysis solutions for transaction and wallet risk screening are now integrated into the Fireblocks platform, automating anti-money laundering (AML) compliance for shared institutional customers.
Now that Elliptic’s real-time risk scoring and analytics are exposed directly in the Fireblocks platform, their joint customers have the ability to quickly identify and take action on potentially risky transactions in a scalable way, saving time and cost in their compliance operations.
“The cryptoasset market is developing and gaining the attention of institutional and retail investors as an efficient vehicle for value transfer and creation, therefore enterprise-grade security and compliance is obligatory to protect businesses from financial crime”, says Andrea Ramoino, VP of Product at Elliptic. He adds “By adding Fireblocks to our partner network, our institutional customers can have absolute peace of mind knowing they are protected from financial crime with strengthened crypto risk monitoring and security when moving funds between exchanges, hot wallets, custodians, and counterparties.”
“By partnering with the top AML and crypto compliance firms like Elliptic, we are now delivering a complete digital asset infrastructure from which our customers can launch digital asset products and services that meet enterprise-level standards across security and compliance,” says Rob Salman, VP of Business Development.
As cryptoassets enter the mainstream, they are subject to the same anti-money laundering (AML), countering the financing of terrorism (CFT), and cybersecurity regulations that financial services firms must comply with to protect fiat currency. As a digital-first asset class, cryptocurrencies and crypto services need to be supported by technology-enabled solutions for managing risk and security if the market is to gain trust and grow.
Elliptic has built a reputation as the go-to provider of crypto compliance solutions for enterprise crypto businesses and financial institutions and was recently recognized by the World Economic Forum as a 2020 Technology Pioneer for its work. Elliptic covers the broadest range of cryptoassets of any provider, at 97% of all assets by trading volume. The recent addition of 87 more cryptoassets included privacy coins such as Zcash, giving customers and regulators the assurance that widespread financial crime on the blockchain can be abated.