Santander pilots Elliptic's crypto risk screening tool on client transactions

advertisement

Elliptic has completed a pilot with major Spanish bank Santander, per a June 22 announcement from the blockchain analytics firm.

The pilot focused on risk assessment of client use of cryptocurrency exchanges. The firms used Elliptic's Discover tool "to help Santander assess its indirect exposure to crypto by flagging and analysing transactions between the bank’s customers and crypto exchanges."

Elliptic did not specify the breadth of the pilot, though its press release quoted CEO Simone Maini in applauding the pilot's success.

Neither Elliptic nor Santander had returned requests for comment as of publication time. The pilot did apparently involve participation from Mouro Capital, a former VC branch of Santander and a continuing investor in Elliptic. 

Alongside Chainalysis and Ciphertrace, Elliptic is one of the leading analytics firms focusing on tracing cryptocurrency through the blockchain for illicit use. Unlike the prior two, Elliptic largely shies away from contracting with governments.

However, as major ransomware attacks have put criminal use of cryptocurrency at the top of international priorities, financial services providers will increasingly need to perform due diligence measures on crypto usage to appease regulators. 

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC
More