The Stellar Development Foundation has announced an exclusive partnership with Elliptic, a major provider of crypto asset risk management services. This cooperation will increase the trust and security of the entire Stellar network.
“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.” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation.
With Elliptic software tools can financial institutions, businesses and regulators can detect a range of fraudulent activities, such as fraudulent schemes, money laundering and terrorist financing.
“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.” said Simone Maini, CEO of Elliptic.
The collaboration between Stellar and Elliptic was preceded by several months of work to build the necessary infrastructure and integration. Elliptic analysts regularly engage in ongoing dark web research, identifying models to investigate money laundering, and collecting all data that links XLM accounts to fraudulent activity.
The services are available from March 30.