Stellar Development Foundation Announces Exclusive Partnership with Elliptic
Elliptic Launches the World’s First Stellar Transaction Monitoring System
San Francisco. April 30, 2020 — The Stellar Development Foundation announced today the signing of an exclusive partnership with Elliptic, the leading provider of crypto asset risk management solutions for crypto businesses and financial institutions.
Launched today, Elliptic’s world-first XLM transaction and wallet screening capabilities will bring further confidence and safety to the Stellar network.
“Elliptic sets the global standard in preventing, detecting and actively pursuing criminal activity in this emerging industry,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. “Combining their services with the built-in compliance functionality of the Stellar network, we are empowering crypto businesses and financial institutions with stronger tools to manage risk and operate with transparency and accountability.”
Elliptic’s monitoring, compliance, and analysis software now incorporates support for XLM, the native asset of Stellar. These software tools enable financial institutions, businesses, and regulators to identify a full range of illicit activities, from small scale fraud schemes to money laundering, sanctions evasion, and terrorist financing. This work will also enable the rapid addition to Elliptic’s platform of other Stellar-based assets such as stablecoins – supporting the wider ecosystem.
“This partnership will help businesses fulfil their compliance needs when building on top of this powerful network” said Simone Maini, CEO of Elliptic. “As regulations mature, it will become increasingly important for crypto-asset issuers and platform developers to enable their users to stay compliant if adoption is to grow. The Stellar Development Foundation has been ahead of the curve in working with Elliptic on this.”
Cryptocurrency exchanges, major financial institutions, and government agencies rely on Elliptic’s AML compliance software and forensic and investigative services to analyze billions of dollars in crypto transactions every month. Elliptic’s best-in-class team of data scientists, forensic investigators, and crypto-technologists focus on setting the standard in detecting and investigating cryptocurrency-enabled financial crime.
Elliptic has spent the last several months building the necessary infrastructure and integration with Stellar to support the network. Elliptic analysts will engage in ongoing dark web research, identification of money laundering patterns and the collection of high-quality data linking XLM accounts to known entities. This partnership establishes Elliptic as the preferred provider of these services to Stellar-based businesses. These services are available today, April 30, 2020.
Headquartered in London with offices in New York, Singapore, and Tokyo, Elliptic is the global leader in crypto-asset risk management solutions for crypto businesses and financial institutions worldwide. Backed by investors including Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes.
Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world’s financial infrastructure. Dozens of financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 4 million accounts.
About the Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology.