In a major initiative to promote security and transparency in the world of cryptocurrencies, leading blockchain analytics firm Elliptic has expanded its monitoring coverage. Now the company will keep an eye on more than 50 blockchain networks and more than 800 crypto assets.
The move is aimed at controlling the increasing fraud, money laundering and illegal activities in cryptocurrency transactions. Elliptic believes that as the crypto industry is developing rapidly, there is a need for better and deeper monitoring, so that government agencies, crypto exchanges and financial institutions can identify any risk in time.
Table of Contents
- What is Elliptic?
- Purpose of the Expansion
- New Blockchains Now Under Surveillance
- Role of AI and Machine Learning
- Impact of the Move
- Elliptic’s Statement
- Conclusion: A New Era of Crypto Oversight
What is Elliptic and its work?
Elliptic is a British blockchain analytics company that provides risk management tools to government agencies, banks, and crypto exchanges. Its main function is to monitor the transactions taking place on the blockchain and analyze whether any transaction is linked to illegal activities, such as:
- Terror funding
- Money laundering
- Hacking-related funds
- Dark web transactions
Elliptic’s clients also include Coinbase, Revolut, SBI Holdings, and US and European government agencies.
Which blockchain networks are now included?
Under this expansion, Elliptic has added many large and emerging blockchain networks to its coverage, such as:
- BNB Chain
- Polygon (Matic)
- Polkadot
- Optimism
- Arbitrum
- Base
- zkSync
- StarkNet
All these networks have become an important part of the Web3, DeFi and NFT ecosystems in today’s time. In such a situation, increasing monitoring on them is an important step from the security point of view.
Join The Quantitative Elite Community here: The Quantitative Elite on Skool
Support of technology and artificial intelligence
Elliptic uses machine learning and artificial intelligence (AI) in its analytics tools, allowing it to instantly identify suspicious patterns. As soon as a wallet is found to be involved in suspicious activities, Elliptic prepares a report on it and alerts its clients.
What will be the effect of this move?
Confidence will increase in the crypto industry:
When exchanges, banks and governments are able to monitor better, users will also be more confident about investing in crypto.
Illegal activities will be stopped:
Hacking, theft of funds and dark web transactions can be easily tracked.
Regulatory agencies will get great support:
As regulatory bodies are increasing control over crypto, Elliptic’s data will help them take the right decisions.
Elliptic statement
Tom Robinson, co-founder and chief scientist at Elliptic, said:
“The blockchain ecosystem has become more diverse than ever. Our goal is to provide our customers with comprehensive coverage across all major chains so they can make safe and lawful decisions in the rapidly changing crypto world.”
Conclusion
This major expansion by Elliptic makes it clear that the crypto industry is no longer just a trend, but a lasting economic force. And where there is growth, there is also a need for security. Elliptic’s move could prove to be a milestone not only from a technical perspective, but also for user trust and the ability to withstand government surveillance.
Grab your copy of Practical Python for Effective Algorithmic Trading here: Amazon – Practical Python for Effective Algorithmic Trading