Elliptic: Preventing Criminal Activity in Cryptocurrency img

The aim of Elliptic is to, first of all, make virtual currency transaction activities much more accountable as well as transparent.

Elliptic is a company that is of the belief that illegal activities in virtual currencies must and should be disrupted in order to stop criminals from actively undermining the ideals on which digital currencies are created.

Basically, this is their aim and they carry this out by resolving the critical issues of identity in virtual currencies with the sole aim of tackling criminal as well as suspicious activities.

The Elliptic team constantly pushes every limit to dig deeper beneath the surface and peel all the layers in a bid to expose the truth to everyone.

Elliptic is here to stop illegal digital currency activities from leaving a big stain on the technology and its future.

Elliptic was established back in 2014 by Tom Robinson, Adam Joyce, and James Smith. The company has gone on to raise roughly $7 million since its inception. Some of the investors pumping money into the coffers of Elliptic include:

Core Business of Elliptic

The major business of Elliptic include.

  • Detecting
  • Preventing
  • Pursuing

The company identifies illegal activities in digital currencies, goes further to provide intelligence that is actionable to virtual currency companies, monetary institutions, and government entities as well.

Elliptic is of the belief that blockchains are practically the future of value transfer. World economic forum, as well as Wedbush, have gone on to estimate independently that by the year 2025, about ten percent of all economic activities will be operated on the blockchain.

While Blockchain basically promises to bring about a new world of value exchange, it will also simultaneously bring about a new world of illegal activities.

So many clients have made use of Elliptic to swiftly assess all risks on roughly $2 billion of Bitcoin’s transactions. In March 2016, Elliptic secured about $5 million in series A funding alone.

The core goal of Elliptic is to monitor Bitcoins, identify criminal activities and trade the ongoing visibility to not just the government but private industries as well so they will be able to monitor the movement of the currency

Well-Established Partners of Elliptic

Some of the highly placed companies that are in current partnership with Elliptic include.

What does Elliptic have to Offer

Elliptic is regarded as a virtual currency monitoring company that functions with law enforcement agencies like the CIA and FBI. Elliptic offers its services in examining information to monitor where virtual currencies come from and where they are headed.

A major tool they make use of is known as web-scraping. It basically involves scanning both the dark web and the ‘traditional’ web for information that are publicly available. This information includes the mention of virtual currency address.

Elliptic also makes use of court documentation. If a person is convicted of any criminal activity that relates to virtual currency, there will be some digital currency addresses utilized in the documentation all over the prosecution.

Wrap up

Even the police make use of the technology provided by Elliptic to investigate criminal activities. Some banks make use of it for compliance purposes in order to conveniently run businesses with Bitcoin exchanges and also watch out for money laundering and every other illegal activity.

This article was created for the sole purpose of informing the user. In no way is there any partnership or collaboration with the organisation, product or service mentioned in this article.

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