Elliptic – the crypto compliance company headquartered in London – reportedly rolled out a new solution, which looks to establish a closer bank-crypto exchange connection.
Specifically, the new solution – goes by the name Elliptic Discovery – works by gathering specific information of over 200 crypto exchanges worldwide, allowing banks to supervise the possible challenges revolving around crypto transactions.
The new tool, which was particularly built for banks, aims to equip compliance teams with the required insights into the identification of crypto assets flows of funds, along with money laundering-related threats.
The new solution was designed upon the foundation of data collected from 2013 by Elliptic, and also comes with a vast array of of identifiers and risk indicators, exposure-wise, to crypto-assets via exchanges.
James Smith, CEO and co-founder at Elliptic, clarified that the new solution was an idea which aims to tackle the ongoing visibility insufficiency of the crypto-asset ecosystem by banking institutions.
“Elliptic Discovery changes that by enabling banks to shine a light on their customers’ crypto-asset activity and take a risk-based approach […] Not all crypto-asset exchanges are alike and Elliptic Discovery will allow banks to make this distinction and seize the opportunity to work more closely with these businesses, based on an evidence-based assessment of the risk.” Smith further added.