Elliptic, a cryptocurrency analysis company in London, announced on the 11th that it has raised $ 60 million in its series C funding round led by Evolution Equity Partners.
The funding round included a new investor, SoftBank’s Vision Fund 2, and existing investors such as Albion VC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire, and Paladin Capital Group.
Founded in 2013, Elliptic is a cryptocurrency and blockchain data analysis company used by various cryptocurrency exchanges and projects. The company provides insight, data, and technology specialized in crime analysis using blockchain.
The London-based company noted that at least two-thirds of all cryptocurrency volume traded worldwide runs through exchanges employing Elliptic’s risk management and analytical data solutions.
In the recent case of the Colonial Pipeline incident which occurred in May of this year, Elliptic was successfully able to identify the cryptocurrency wallet used to receive the ransom.
The company said in the announcement that it would use the funds to expand its team in the United States and fund its R&D department.
Simone Maini, CEO of Elliptic, said in a statement:
“At Elliptic, we help financial institutions, from crypto exchanges to the world’s leading banks, embrace cryptoassets more safely. This fundraising round is an endorsement of the opportunity for cryptoassets in the financial industry – and are absolutely critical role in the ecosystem.”