Global verification provider Sumsub has partnered Elliptic, a cryptoasset risk management firm, to bolster its crypto transaction monitoring and Travel Rule solutions.
This collaboration integrates Elliptic’s blockchain analytics into Sumsub’s platform, providing clients with enhanced tools to screen cryptocurrency wallets, identify fraudulent activity, and assess risk in transactions.
The need for such solutions is critical as blockchain-related crime continues to rise.
Sumsub’s own Identity Fraud Report 2024 indicates that crypto is a high-risk industry for fraud.
By combining Elliptic’s market-leading data, which offers the broadest coverage of cryptoassets and blockchains available, with Sumsub’s existing platform, companies can gain a more complete view of blockchain transactions and better protect their users.
This integration allows clients to connect their Elliptic subscriptions to Sumsub’s system using a Bring Your Own Key (BYOK) model, ensuring they retain control over their data and simplifying their workflow.
This allows clients to unify their cryptocurrency wallet screening workflows on a single dashboard. The combined solution helps firms meet challenging regulatory requirements.
“We’re excited to partner with Sumsub to create a stronger shield against financial crime in the crypto industry. As blockchain technology advances, so do the threats it faces, making comprehensive and adaptive tools essential.
By integrating Elliptic’s cutting-edge blockchain analytics with Sumsub’s trusted verification and compliance platform, we’re empowering businesses to proactively address risks, protect their users, and stay ahead of regulatory demands.”
said James Smith, Co-founder of Elliptic.
“This partnership marks a significant step forward for crypto transaction monitoring, as EllIptic is a renowned, leading player in the blockchain analytics space. By integrating its analytics, we can continue to push the boundaries in fighting against financial crime, with the largest global ecosystem of virtual asset service providers (VASPs).
At Sumsub, we are committed to fostering trust in the crypto sector. Together with Elliptic, we can provide powerful tools to streamline compliance, mitigate risks, and stay ahead of emerging threats in the sector.”
said Ilya Brovin, Chief Growth Officer at Sumsub.
Featured image credit: Edited from Freepik
