London-based blockchain intelligence startup Elliptic is partnering with risk management firm LexisNexis to bring anti-money laundering (AML) regulations to cryptocurrencies.
Elliptic, which is a graduate in London accelerator Seedcamp, says that by integrating LexisNexiss anti-money laundering risk management data into its Bitcoin transaction monitoring and compliance products it will be able to run “bank-grade� AML controls.
An increasing number of banks and financial institutions are exploring bitcoin and blockchain technologies, however, cryptocurrencies’ decentralised nature means that they also attract illegal activity. Introducing greater security to the blockchain is seen as one of the most important steps to increasing mainstream acceptance.
The deal could help Elliptic to win more of the LexisNexis’ high-profile financial clients as they increasingly explore the potential in the cryptocurrencies and the blockchain.
The partnership follows the $5m Series A funding round that Elliptic raised in March of this year led by Paladin Capital Group.
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