Elliptic Partners with Fireblocks for Enterprise Grade KYC/AML Crypto Compliance Automation
Elliptic, a blockchain analytics firm, has partnered with institutional crypto storage and transaction service provider, Fireblocks; a move that is set to enhance the KYC/AML effectiveness of both companies. The two firms announced this partnership on August 13, noting that they will both leverage each other’s expertise towards creating a strengthened crypto risk management ecosystem.
With the FATF Travel Rule in place, this milestone by Elliptic and Fireblocks might solve some of the challenges, including the high cost of due diligence. To achieve this goal and other reporting tasks, Elliptic’s KYC/AML solution dubbed ‘Elliptic Discovery’ will be integrated with the Fireblocks platform. This will, in turn, help the institutional-focused digital asset service provider to screen its growing clientele more efficiently.
Elliptic’s VP of Product, Andrea Ramoino, further echoed the underlying value in collaborating with Fireblocks,
“By adding Fireblocks to our partner network, our institutional customers can have absolute peace of mind knowing they are protected from financial crime with strengthened crypto risk monitoring and security when moving funds between exchanges, hot wallets, custodians, and counter-parties.”
Fireblocks, on the other hand, can now scale its user base given the value proposition by Elliptic when it comes to on-chain analytics. This feature complements Fireblocks’ ‘Secure Transfer Environment’ in which the firm takes pride. The platform offers an ecosystem where stakeholders ranging from counterparties, custodians, wallets, and exchanges can transfer their digital currencies securely. Notably, this initiative is backed by prominent players in the crypto industry with Fidelity at the forefront.
Fireblocks’ VP of Business Development, Rob Salman, said that the partnership with Elliptic would boost their footprint in enterprise crypto solutions,
“By partnering with the top AML and crypto compliance firms like Elliptic, we are now delivering a complete digital asset infrastructure from which our customers can launch digital asset products and services that meet enterprise-level standards across security and compliance,”