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Ripple-Backing SBI and Santander Fund Elliptic To Fuel Asian Expansion

A customer holds his Bicing city bike while using an automated teller machine (ATM) outside a Banco Santander SA branch in Barcelona, Spain,Photographer: David Ramos/Bloomberg BLOOMBERG NEWS

Cryptocurrency compliance company Elliptic has raised $23 million in a Series B funding round led by SBI Holdings, a Japanese financial institution which has been trialing an XRP-powered store settlement payments app.

Another major enterprise participator in this funding is Santander, a UK bank that claimed to be the first introduce blockchain technology for international payments, through Ripple, back in 2015.

Elliptic has said that it will be using the funding to drive blockchain adoption in Asia with new offices being opened in Japan and Singapore. Asia is being targeted in this case because it is reported revenue from clients based in Asia has increased 10-time over the past twelve months. 

Moreover, the funding will also be used to accelerate product development to support a new class of asset-backed cryptocurrencies. One of the key cryptocurrencies that Elliptic has in mind is Facebook’s Libra, but it is also looking at the growth and development of central bank digital currencies.

Elliptic’s core business involves the management of financial crime risk when dealing with cryptocurrencies where Elliptic screen billions of dollars in transactions to analyze them for links to illicit activity including money laundering, terrorist financing, sanctions evasion, and other financial crimes. This is an important aspect in the legitimization of cryptocurrencies for enterprises and banks who want to be a part of blockchain and crypto, but not with its nefarious stigma. 

Blurring the lines

It is this new drive and adopting from major banks, enterprises, and even governments that are helping push the adoption of cryptocurrency into a more mainstream space. Additionally, these major players are investing in blockchain-based businesses, such ...

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