Elliptic, the global leader in cryptoasset risk management solutions, launched support for privacy coins Zcash and ZEN, enabling crypto businesses to adopt these assets in a compliant way.
Genesis, an industry pioneer and leader in digital currency trading and lending will be using Elliptic’s transaction and wallet monitoring solutions to detect and prevent illicit activity in Zcash and ZEN.
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“At Genesis we provide liquidity to our clients across a broad range of digital assets. As a highly-regulated entity we need to apply the same stringent compliance standards to all assets on our platform,” said Genesis CEO Michael Moro. “Elliptic’s addition of these new assets enables us to further grow our business by providing the ability to assess risk on transactions and meet regulators’ expectations.”
“By providing blockchain monitoring support for privacy coins such as Zcash and ZEN, regulated financial institutions can now engage with this important class of cryptoasset in a safe and compliant way,” said Elliptic’s Chief Scientist, Tom Robinson. “This will help to expand access to privacy coins and support the growth of Genesis and other crypto exchanges that wish to expand their asset portfolio to attract new customers.”
Following the addition of 87 new cryptoassets to Elliptic in May this year, Elliptic provides the broadest coverage of any crypto transaction screening solution, at over 97% of all cryptoassets by trading volume.
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