Stellar Development Foundation recently announced an exclusive partnership with Elliptic, leading solution provider for crypto assets risk management.
As a result of this partnership, Elliptic launched the very first Stellar transaction monitoring system last Thursday on April 30.
Elliptic to support XLM
This transaction monitoring system makes it possible for Elliptic to incorporate its world-class monitoring, compliance, and analysis software to XLM, Stellar’s native asset. These Elliptic software tools help businesses, financial institutions, and regulators to curb illegal activities. The system can thus track a variety of illegal activities ranging from petty fraudulent schemes to money laundering, terrorist financing, and evasion of sanctions.
CEO and executive director of the Stellar Development Foundation, Danelle Dixon said: “Elliptic sets the global standard in preventing, detecting and actively pursuing criminal activity in this emerging industry.”
Danelle emphasized on combining Elliptoc’s services with the built-in compliance functionality of the Stellar network. According to her, this would lead to empowering crypto businesses and financial institutions with stronger tools aiding risk management. Moreover, it would also ensure operation with more transparency and greater accountability.
As a result, the official blog explained, the capabilities of Elliptic’s world-first XLM transaction would help strengthen trust and safety to the Stellar network.
Speaking on the occasion, Simone Maini, CEO of Elliptic, shared similar views. She claimed the partnership would help businesses fulfill their compliance needs when building on top of the network.
According to Simone, with a maturity of regulations, crypto-assets issuers and platform developers would require compliance to drive adoption. She expressed her belief that the Stellar Development Foundation was ahead of the curve by allying with Elliptic.
Notably, the partnership will also enable the addition of other Stellar-based assets such as stablecoins to the Elliptic’s platform.
Elliptic enjoys the trust of government agencies, cryptocurrency exchanges, and financial institutions. This is because they rely on their pioneer AML (anti-money laundering) compliance software and investigative services in the analysis of crypto transactions.
In the last several months, Elliptic has been working on the necessary structures and integration with Stellar with the sole objective of supporting the network.
Elliptic also boasts of a world-class team of analysts and crypto-technologists. The team has engaged in dark web research and identified cybercrime patterns. All this led to the collection of high-quality data that linked XLM accounts to known entities. For these reasons, Elliptic is chosen as the provider of these services to Stellar-based businesses.
Recently, Stellar carried out a series of upgrades that we reported. Previously, we published a story on the Foundation investing in fintech company DSTOQ Group AG through its enterprise fund. Also, read how to distinguish between the two similar blockchains – Ripple and Stellar.