TLDR:
- Sumsub and Elliptic Collaborate to Elevate Crypto Wallet Vetting and Risk Analysis
- Their integration allows users to seamlessly link their Elliptic accounts to Sumsub's platform through the BYOK framework.
- This collaboration seeks to address the escalating problem of blockchain-related crime and fraud within the crypto sphere.
- The solution employs automated processes and offers instant risk analysis by leveraging Elliptic's comprehensive blockchain data.
- The joint platform offers a single interface for cryptocurrency regulatory practices and surveillance.
Verification platform Sumsub has unveiled a fresh partnership with a leader in blockchain analytics. Elliptic Unveiled on November 26, 2024, this collaboration merges Sumsub's verification strengths with Elliptic's blockchain analytics to forge a more sturdy barrier against crypto financial crimes.
The alliance is timely, as cryptocurrency fraud remains a hurdle for the financial industry.
Based on Sumsub’s Identity Fraud Report 2024, the cryptocurrency industry is slipping into the top sectors heavily burdened by fraud, emphasizing the urgent call for better security standards.
This new connection allows enterprises to integrate their Elliptic subscriptions directly into Sumsub’s platform using a Bring Your Own Key approach, granting clients control over their encryption keys along with the full benefit of dual-platform offerings.
One standout feature of this integration is the streamlined process of cryptocurrency wallet examination, offering instant risk evaluations fed by Elliptic’s vast blockchain data—a huge leap forward for businesses once tangled in laborious procedures.
The partnership additionally provides a consolidated interface for overseeing compliance in cryptocurrency, eradicating the need for multiple systems and simplifying security management.
For firms in blockchain, fintech, and payment industries, the integration boosts investigative powers. Users gain the ability to delve into detailed blockchain analyses via the Elliptic dashboard, unveiling deeper insights into suspect activities.
The integrated platform tackles the rising regulatory demands in crypto. Elliptic's expansive cryptoasset and blockchain coverage equips businesses to better fulfill current compliance mandates while gearing up for forthcoming regulations.
Recent strides in the way law enforcement tackles cryptocurrency crime highlight the necessity of these security innovations. The FBI's creation of a crypto token for investigations showcases the dynamic nature of crypto crime and the evolving means to combat it.
James Smith, co-founder of Elliptic, remarked that this collaboration fortifies defenses against financial crime, enabling businesses to manage risks proactively while preserving operational transparency.
Ilya Brovin, Sumsub’s Chief Growth Officer, stressed the significance of this partnership in broadening their virtual asset service provider network. The alliance aims to refine compliance workflows and keep businesses one step ahead of emerging threats.
The integration includes robust data protection measures. Through BYOK, clients manage their encryption for sensitive data while accessing the full spectrum of compliance and monitoring services from both platforms.
The integration's tech features boast automated screening workflows, real-time threat assessments, and easy access to detailed blockchain analysis, creating a unified vision of cryptocurrency transactions and risks.
Sumsub’s current clients, such as Bitpanda, Wirex, and Huobi, will benefit from these advanced features, promising gains across various crypto-engaged sectors.
Elliptic's established market reputation, including accolades as a WEF Technology Pioneer and endorsements from venerable financial entities like J.P. Morgan and Wells Fargo Strategic Capital, lends weight to the partnership. Their global offices in London, New York, Singapore, and Tokyo emphasize the cross-border reach of their combined services.
The solution’s monitoring extends to transaction auditing, fraud defense, and adherence to Travel Rule guidelines, crucial for firms operating over multiple regulatory landscapes.
