London-based blockchain analytics firm, Elliptic, has raised $60 million in its Series C funding. The funding round was led by a Japanese bank, SoftBank Group. Other investors who participated include AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire, and Paladin Capital Group, etc.
Recall that following its Series A funding round in 2016, the firm announced it raised £3.6m. It then followed this with a £17m Series B round in 2019. According to Crunchbase, the Series C round brings Elliptic’s total funding to date to $100 million. However, the company has yet to specify what its new valuation will be.
How Elliptic Will Aid Adoption of Cryptocurrency Globally
With more individuals and institutions venturing into the digital assets ecosystem, demand for blockchain analysis firms has increased. This is even as regulatory clampdown has resulted in many compliance-related headaches for users and institutions alike.
Elliptic announced that it plans to use the raised funds to encourage the global adoption of digital currencies. It said, “This fundraising round is an endorsement of the opportunity for crypto assets in the financial industry and our absolutely critical role in the ecosystem.”
The company also plans to use the funds to expand its cross-country operations by employing more staff. In 2021 alone, the company staff grew by about 50%. With the volume of work expected to increase, there’ll be a need to take on more staff. The company expects to grow to more than 200 Elliptites by the end of 2022.
Established in 2013, Elliptic monitors the movement of cryptocurrencies on blockchain to help financial crime compliance. The firm’s clients include traditional financial firms, fintech, crypto companies, and government agencies.
Not a Newbie to Funding Rounds
Just last month, Softbank led a $680 million funding round by blockchain-based fantasy soccer game Sorare, and also unveiled a $155 million round for blockchain firm Blockdaemon.
Earlier in July, the Japanese firm also invested $200 million in Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America.