Copy link
Increase text size
Decrease text size
Link copied

Blockchain platform Zilliqa partners with Elliptic to enhance security and AML compliance

Image: Zilliqa (Twitter)

Wed, 27 Nov 2019, 09:53 am UTC

Blockchain platform Zilliqa is teaming up with crypto risk management solutions provider Elliptic in order to boost its infrastructure security and compliance.

Under the partnership, Zilliqa will leverage Elliptic’s comprehensive suite of risk management and Anti-Money Laundering (AML) compliance tools to mitigate exposure to fraudulent financial activities across the platform and for tokens built on it. The collaboration will help detect, prevent and investigate possible criminal activity on the Zilliqa platform.

According to a press release, Elliptic will provide ongoing actionable risk intelligence for Zilliqa’s token, ZIL, and StraitsX, a Zilliqa-powered stablecoin initiative recently launched by Xfers which will initially see the creation of XSGD, a token fully backed and pegged 1:1 to the Singapore Dollar.

Amrit Kumar, President at Zilliqa, said that Elliptic was “the clear partner of choice” for Zilliqa that is striving to distinguish itself as “a trusted, secure platform.”

“While the promise of the digital economy is a truly exciting one, it is also imperative that established standards around security and compliance remain uncompromised. Inherent vulnerabilities present in the crypto industry can often lead to exploitation by wayward players, particularly in delicate financial sectors,” he added.

Elliptic’s blockchain transaction monitoring service will help verify the legitimacy of transactions occurring on the Zilliqa blockchain. It will identify and help block potential transactions linked to illicit actors as well as red-flag wallet addresses with illegal and suspect motivations.

“At Elliptic, we are working to enable an open, decentralised financial system, which will increase choice and drive down costs for consumers, and our partnership with Zilliqa illustrates this commitment,” James Smith, CEO & Co-Founder of Elliptic said. “Companies are now in the driver's seat when it comes to critical issues of trust and transparency, and we’re excited to be onboard with Zilliqa as we champion compliance in a fast-changing industry.”

Founded in 2013, London-based Elliptic helps identify illicit activities and provides actionable intelligence to cryptocurrency exchanges, brokers, banks and other financial institutions. It claims to have assessed risks for transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud and other financial crimes.

Just recently, the analytics firm secured $23 million in a Series B funding, spearheaded by Japanese financial powerhouse SBI Holdings.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $29,043.00 (+1.09%)
  • Ethereum (eth) $1,793.56 (+3.32%)
  • USD Coin (usdc) $1.00 (+0.20%)
  • BNB (bnb) $307.54 (+1.86%)
  • XRP (xrp) $0.386647 (+0.38%)
  • Bitcoin (btc) $29,043.00 (+1.09%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.