Elliptic Partners With NEAR Protocol to Improve On-Chain Security

As part of the partnership, NEAR users will be benefitted the full visibility of the blockchain across Elliptic’s wide range of product offerings. The focus will also be to improve security and on-chain forensics while letting users explore Web 3.

Elliptic-NEAR Partnership

The official announcement regarding the partnership revealed that the deal means both the NEAR blockchain and its native asset, NEAR, will have access to Elliptic’s analytics and financial crime tracking services. Elliptic offers various tools to identify illicit crypto activity, such as mapping real-world signals to pseudonymous entities. It also provides risk insights to legacy financial institutions.

Commenting on the partnership, NEAR Foundation CEO Marieke Flament said the platform aims to onboard billions of users into Web 3 with the latest move. The exec also added,

“We can’t do that unless we can create a safe and secure environment for people to explore this new world. Partnering with projects like Elliptic helps us realize this goal faster.”

Initially, users will be able to benefit from the screening of crypto wallets and transactions on the NEAR blockchain leveraging Elliptic’s Lens and Navigator products. The protocol also intends to incorporate Virtual Asset Providers (VASPs verification) as well as crime investigation capabilities through Elliptics Discovery and Forensics in the future.

Elliptic’s Goal to Be Institutions’ Favorite

Last month, Elliptic revealed that it was building a new data product – a market intelligence unit dedicated to institutional crypto traders.

The London-based blockchain analytics firm also said its dataset encompasses more than 20 billion data points and includes 148 cryptocurrency assets, representing 98% of the trading volume worldwide. The product, slated to launch publicly later this year, is being developed in collaboration with some investment banking research teams, crypto trading desks, as well as hedge funds.

Elliptic’s ambitious roadmap includes transforming the company into a one-stop shop for institutional investors seeking blockchain analysis and data firms.

CryptoPotato reported about Elliptic raising $60 million in Series C funding in October 2021. The round saw the participation of Japanese investment manager SoftBank Group and American multinational Wells Fargo. The company plans to deploy the new capital infusion on expanding its global team of experts, especially in the US.