Elliptic Partnered With NEAR To Improve On-Chain Security

Elliptic partnered with NEAR protocol in order to improve its on-chain security and to help onboard billions of users into the Web3 so let’s read furhter in today’s latest blockchain news.

As a part of the new partnership, Elliptic partnered with NEAR to bring full visibility of the blockchain across the wide range of product offerings and the focus will be set to improve security and on-chain forensics while letting the users explore Web3. The announcement regarding the partnership revealed that the deal means both the NEAR blockchain and the NEAR asset will have access to Elliptic’s analytics and financial crime tracking services. Elliptic will offer various tools to identify illicit activities like mapping real-world signals to pseudonymous entities and providing risks insights to legacy financial institutions.

Commenting on the partnership, NEAR Foundation’s CEO Marieke Flament said that the platform will onboard billions of users into the Web3 and said:

“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.”

The users will be able to benefit from screening the crypto wallets and transactions on the NEAR Blcokcahin that leverages Elliptic Lens and Navigator products. The protocol aims to incorporate teh virtual assets providers’ verification and crime investigation capabilities via the Elliptic Discovery and Forensics in the future. Elliptic revealed that it was working on a new data product like a market intelligence unit that is dedicated to institutional crypto traders.

The London-based blockchain analytics company also said its dataset encompasses about 20 billion data points and includes 148 cryptoassets which represents 98% of the trading volume across teh world. The product will launch publicly later this year and it is being developed in collaboration with banking research teams, hedge funds, and crypto trading desks. Elliptic’s ambitious roadmap included transforming the company into a one-stop-shop for institutional investors that are seeking blockchain analysis and data companies.

Elliptic raised $60 million in Series C funding and the round even saw the participation of Japanese investment manager SoftBank Group and Wells Fargo. The company has more plans to deploy the new capital infusion on expanding the global team of experts, especially in the US.
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