Stellar Development Foundation Teams With Blockchain Analytics Startup Elliptic

Announcements, Blockchain, News | May 1, 2020 By:

The Stellar Development Foundation (SDF) has announced the signing of an exclusive partnership with blockchain analytics startup Elliptic.

SDF is a non-profit organization founded in 2014 to support the development and growth of Stellar, a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world’s financial infrastructure. SDF and Stellar seek to unlock the world’s economic potential by making money more fluid, markets more open, and people more empowered.

Founded in 2013, Elliptic makes cryptocurrency transaction activity more transparent and accountable. The company believes that illicit activity in cryptocurrencies must be disrupted to stop criminals from undermining the ideals on which cryptocurrencies are built. Elliptic’s proprietary database delivers auditable proof of identity for millions of bitcoin and ethereum addresses across thousands of real world entities.

As part of the partnership, Elliptic launched the world-first Stellar transaction monitoring system to bring further confidence and safety to the Stellar network. Elliptic’s monitoring, compliance, and analysis software now incorporates support for XLM, the native asset of Stellar. Elliptic’s software tools will reportedly enable the rapid addition to Elliptic’s platform of other Stellar-based assets such as stablecoins – supporting the wider ecosystem.

“Elliptic sets the global standard in preventing, detecting and actively pursuing criminal activity in this emerging industry,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. “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.”

According to Elliptic, it has spent the last several months building the necessary infrastructure and integration with Stellar to support the network, adding that their analysts will engage in ongoing dark web research, identification of money laundering patterns and the collection of high-quality data linking XLM accounts to known entities.

“This partnership will help businesses fulfil their compliance needs when building on top of this powerful network” said Simone Maini, CEO of Elliptic. “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.”