Elliptic, the latest blockchain analytics business to garner mainstream financing, announced on Monday that it had received $60 million from investors including SoftBank and Wells Fargo Strategic Capital.
With larger investors warming to cryptocurrencies, blockchain analysis and analytics services like Elliptic are in high demand, thanks in part to increased regulatory scrutiny on a sector riddled with compliance issues like unlawful use of digital tokens.
Chainalysis, a blockchain data platform based in the United States, announced in June that it had received $100 million at a valuation of $4.2 billion in order to broaden its coverage of crypto assets.
London-based Elliptic stated the Series C investment was headed by Evolution Equity, with the SoftBank Vision Fund 2 investing for the first time. Other new investors include Japan’s SBI Group, Elliptic said in a statement, without specifying its worth.
Elliptic, founded in 2013, tracks the flow of cryptocurrencies on blockchain, the technology that underpins them, to aid with financial crime compliance.It intends to invest in its global network and team, as well as in ongoing research and development, according to the company.
Elliptic’s clients include traditional financial institutions, fintech and cryptocurrency companies, and government agencies. According to the company, two-thirds of global crypto volume passes through exchanges that use its software.
“This fundraising round validates the opportunity for crypto assets in the financial industry,” CEO Simone Maini said.