Elliptic is developing a new blockchain data product for institutional crypto traders
January 17, 2022, 3:50PM EST
1 min read
Blockchain analytics firm Elliptic announced Monday that it is developing a new data product focused on institutional crypto traders.
To that end, Elliptic has set up a new "market intelligence unit," headed by its co-founder James Smith. The unit, Elliptic's second business line after its primary blockchain analytics offering, will offer on-chain data to crypto traders.
"Elliptic is taking its best in class on-chain identity data to provide insights to crypto traders seeking alpha," Smith told The Block. "Crafted over seven years, our broad asset coverage can provide a unified view on crypto activity such as exchange flows, clustered active and new users in both real-time and over historic time-horizons."
Elliptic says its dataset includes over 20 billion data points and covers 148 crypto assets, representing 98% of the global trading volume. On-chain data insights will help crypto traders gain a competitive advantage, according to Elliptic.
The firm is working with investment banking research teams, crypto trading desks, and hedge funds to develop the product, said Smith, adding that the product will be launched publicly later this year.
Elliptic is currently in a proof-of-concept stage for the product with several undisclosed crypto research and trading desks.
The new product announcement comes a few months after Elliptic raised $60 million in a Series C funding round by Evolution Equity Partners, with participation from SoftBank Vision Fund 2, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, and others.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.