Friday, June 21, 2024

Elliptic Collaborates with Prime Trust to Make Business Crypto Transactions Mainstream

Elliptic, the global leader in blockchain analytics and crypto compliance solutions, today announced a landmark customer agreement with US-based, leading financial infrastructure provider Prime Trust, which aims to help fintech innovators launch quickly and scale securely in today’s digital economy. 

The announcement comes at a critical time for Prime Trust as the business, which recently announced the close of a US$64 million Series A round, continues to add systems and personnel to expand the organization’s B2B market share in crypto. Elliptic will play a key role in supporting Prime Trust as its cryptoasset compliance partner, helping the business to scale effectively and safely during a period of unprecedented growth and strong interest from both traditional financial institutions and digital asset innovators to expand crypto offerings. 

Amid the rise of crypto transactions among retail investors and businesses a growing need for risk management, compliance and analytics has emerged in order to facilitate legitimate digital asset transactions, prevent illegitimate use and operate with excellence under the financial industry’s stringent security standards. 

As part of the agreement, Elliptic will integrate several products from its suite to allow Prime Trust to perform the critical tasks of pre- and post-analysis checks to verify the legitimacy of cryptoasset transactions and funding. This includes its Navigator product to screen cryptoasset transactions for Anti-Money Laundering (AML) or sanctions risk, its Lens product to screen crypto wallet AML and sanctions risk screening, and its Forensics product, which facilitates investigations into cryptoasset wallet activity. 

“We continue to see an increased demand of crypto services from established financial institutions and a booming interest from retail investors in a digital world,” said Tom Brandl, Chief Security Officer at Prime Trust. “With the support of Elliptic, we’ve gone a step further to ensure that our customers can manage risk and scale securely with peace of mind so they can focus on the core of their business.” 

Tim Chapman, Vice President, Global Sales, of Elliptic, said: “The adoption of cryptoassets is in a stage of unprecedented growth and the ability to conduct transactions with cryptoassets safely and securely will only become more important in the coming years. Prime Trust is a highly innovative business at the forefront of cryptoasset integration with the traditional economy and we are thrilled to support them with the most robust analytics and compliance tools available as they go from strength to strength.”

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