As part of the partnership, NEAR users will benefit from full blockchain visibility across Elliptic’s wide range of product offerings. The focus will also be on improving on-chain security and forensics, allowing users to explore Web 3.
The Official announcement regarding the partnership revealed that the agreement means that the NEAR blockchain and its native asset, NEAR, will have access to Elliptic’s financial crime analysis and tracking services. Elliptic offers several tools to identify illicit cryptographic activities, such as mapping real-world signals to pseudonymous entities. It also provides risk insights for legacy financial institutions.
Commenting on the partnership, NEAR Foundation CEO Marieke Flament said the platform aims to integrate billions of Web 3 users with the latest move. The executive also added,
“We cannot do this unless we can create a safe environment for people to explore this new world. Partnering with projects like Elliptic helps us achieve this goal faster.”
Initially, users will be able to benefit from screening cryptocurrency wallets and transactions on the NEAR blockchain by leveraging Elliptic’s Lens and Navigator products. The protocol also intends to incorporate Virtual Asset Providers (VASP verification) as well as crime investigation capabilities through Elliptics Discovery and Forensics in the future.
Elliptic’s goal of being an institution’s favorite
Last month, the elliptical revealed which was building a new data product – a market intelligence unit dedicated to institutional cryptocurrency traders.
The London-based blockchain analytics firm also said its dataset spans more than 20 billion data points and includes 148 cryptocurrency assets, accounting for 98% of turnover worldwide. The product, scheduled to be released publicly later this year, is being developed in collaboration with some research teams from investment banks, cryptocurrency trading desks and hedge funds.
Elliptic’s ambitious roadmap includes turning the company into a one-stop shop for institutional investors looking for blockchain analytics and data companies.
CryptoPotato reported that Elliptic raised $60 million in Series C funding in October 2021. The round was attended by Japanese investment manager SoftBank Group and American multinational Wells Fargo. The company plans to deploy the new capital injection to expand its global team of experts, especially in the US.
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