Wells Fargo Bank Has Invested $5 Million in the Crypto-Analytical Company
The investment division of one of the largest US banks, Wells Fargo, has invested $5 million in an Elliptic blockchain data analysis company. Along with this, the amount of collected financing during the B series investment round reached $28 million. Last September, the company raised $23 million.
Now Elliptic plans to expand in Asia and attract new labor resources to sell its latest Discovery product, which helps banks decide which cryptocurrency exchanges should work. The product includes over 200 exchanges worldwide and covers aspects of their activities such as customer identification and accountability to local regulatory authorities.
Often, banks shy away from working with cryptocurrency exchanges, despite the potential profitability of such relationships. As a result, crypto companies are forced to cooperate with a limited number of financial institutions that are tolerant to them, including the US banks Silvergate and Signature.
Wells Fargo was the first US bank to support Elliptic. Earlier, the Japanese banking group SBI Holdings and the Spanish bank Santander invested in the company.
Chainalysis, another U.S. crypto-analytic company, meanwhile, is actively collaborating with US authorities.
Author: Marko Vidrih
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