The Elliptic blockchain analysis company has obtained a strategic investment from HSBC, making it the only company in the sector to be supported by four banks of systematic importance (G-SIBS). HSBC joins Jpmorgan Chase, Santander and Wells Fargo on the list of Elliptic investors.
As part of the Agreement, Richard May, leader of the corporate banking and institutional arm of HSBC, will take place to the Elliptic board of directors.
Bank on the Blockchain supervision
Elliptic technology is used by financial institutions, crypto exchanges and governments to monitor blockchain transactions for signs of financial crime. With the investment of HSBC, Elliptic says that it will intensify the hiring and will expand its imprint in the financial services.
“For more than a decade, we have been planning the adoption of the company of digital assets and have invested in the capacity of robustness, scale and compliance required by global financial institutions,” said Simone Maini, CEO of Elliptic. “It is the validation of our vision and the growing needs of the market.”
May said HSBC’s decision reflects the need for greater visibility in digital asset flows as the regulations are tightening.
“With the rapid development of digital assets and currencies, the attenuation of the risks of financial crime has never been so important,” he said. “Elliptic’s solution offers HSBC greater transparency, helping to meet regulatory expectations and industry standards.”
HSBC deals with a next logical step
Maini, who joined the elliptical more than ten years ago after a career in banking compliance and compliance with financial crime, described the involvement of HSBC as the next natural step of a long relationship.
“As is often the case with this kind of relationship, it usually starts with a kind of commercial exploration,” she told Coindesk. “When you see a strategic imperative align with a business with high potential, it can return to the venture capital investment team inside the bank, and finally that’s where we landed.”
She said that the appointment of May to the Board of Directors will bring a new dimension: “We do not currently have a financial crime practitioner within our board of directors, it is mainly history of investors. Rich brings this 360 degree perspective from the bank and the government, and I think that will have a massive influence. ”
Growth areas: stablecoins, AI and coverage
Elliptical has survived a wave of banks demand exploring stabbed and token assets. Earlier this year, he launched a tool entitled Diligence due to help banks assess the risk of wallets before keeping the Stablecoin reserves.
Maini said that the company has also advanced a “AI roadmap”, including a co -pilot focused on compliance this year to shorten integration times for banks entering crypto. Another priority is to extend the blockchain blanket:
“We never want to say no to a customer. If he wants to filter transactions on a new network, we must be ready. ”
