Surveillance company in Britain raised $5 million as financial constitution to take the blockchain technology. and fight crime against online criminals. London-based Elliptic claims to help solve one of the biggest challenges of Bitcoin for companies that use it – the inherent anonymity, which means banks are reluctant to embrace it for fear of falling foul of anti-money laundering regulation. Bitcoin, an encrypted currency that relies on a decentralized ledger of transactions known as the blockchain, rather than central banks, for legitimacy, has found legions of online fans, if not mainstream acceptance.
Countless Banks acknowledge that supporting blockchain technology would transform business especially in the world of finance, and the Bank of England is one of the bank scrutinizing the potential of digital currencies. Dr James Smith, Elliptic’s co-founders, said its operating system, which uses artificial intelligence to scan the Bitcoin network, will be accessible to label patterns of suspicious behavior and trace it back to the source. It is generally used by online exchanges and law enforcement to detect potential money laundering, and has handled around $2bn in Bitcoin transactions. To expand the office in New York, Elliptic plans to use the expenditure from huge financial institution like Santander, a private equity like Paladin Capital and a venture capitalist like Octopus Ventures
James Smith said, “People realize that if Bitcoin and blockchain is going to be taken seriously you have to start acting like the rest of the world.” Elliptic is a game-changer for blockchain and is already trusted by some of the smartest minds in law enforcement and compliance. The firm’s monitoring capability will be an essential component of any blockchain in the future and we will help Elliptic to expand in the US, via our contacts and knowledge of US law enforcement and government agencies. Kenneth Minihan said, Managing Director at Paladin Capital.