The Stellar Development Foundation (SDF), the organization behind the development and growth of Stellar (XLM), has announced an exclusive partnership with London-based crypto assets risk management solution provider Elliptic. Through this partnership, Elliptic has launched world’s first Stellar transaction monitoring system.
The Stellar Development Foundation (SDF) made the announcement in press release published Thursday, April 30. The SDF said that Elliptic’s world-first XLM transaction and wallet screening system would bring further confidence and safety to the Stellar network.
According to the announcement, Elliptic team has spent the last several months building the necessary infrastructure and integration with Stellar to support the network. Now Elliptic’s world-class monitoring, compliance, and analysis software is fully supporting Stellar ecosystem.
The SDF said:
“These software tools enable financial institutions, businesses, and regulators to identify a full range of illicit activities, from small scale fraud schemes to money laundering, sanctions evasion, and terrorist financing. This work will also enable the rapid addition to Elliptic’s platform of other Stellar-based assets such as stablecoins – supporting the wider ecosystem.”
According to SDF, Elliptic analyst will also work on an ongoing dark web research to identify the money laundering patterns and the collection of high-quality data linking XLM accounts to known entities. This partnership has established Elliptic as a preferred providers of monitoring and analytics services to Stellar-powered businesses.
Elliptic, founded in 2013, is a London-based blockchain analytics company that identifies illicit activity in cryptocurrencies, providing actionable intelligence to cryptocurrency companies, financial institutions and government agencies. The company is backed prominent investors that includes Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures.
Simone Maini, CEO of Elliptic, commented:
“This partnership will help businesses fulfil their compliance needs when building on top of this powerful network. As regulations mature, it will become increasingly important for crypto-asset issuers and platform developers to enable their users to stay compliant if adoption is to grow. The Stellar Development Foundation has been ahead of the curve in working with Elliptic on this.”
The Stellar Development Foundation (SDF) is a non-profit organization that maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions.
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, said:
“Elliptic sets the global standard in preventing, detecting and actively pursuing criminal activity in this emerging industry. Combining their services with the built-in compliance functionality of the Stellar network, we are empowering crypto businesses and financial institutions with stronger tools to manage risk and operate with transparency and accountability.”
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