global verification provider Sumsub has partnered with Elliptic, a crypto asset risk management company, to power its crypto transaction monitoring and travel rules solution.
The partnership will integrate Elliptic’s blockchain analytics into Sumsub’s platform, providing clients with enhanced tools to screen cryptocurrency wallets, identify fraudulent activity, and assess the risk of transactions.
The need for such solutions is critical as blockchain-related crimes continue to rise.
Sumsub’s exclusive 2024 Identity Fraud Report shows that cryptocurrencies are an industry with a high risk of fraud.
Combining Elliptic’s market-leading data with the most comprehensive coverage of crypto assets and blockchain available, and Sumsub’s existing platform, businesses can gain a more complete view of blockchain transactions and better protect their users. You will be able to do it.
This integration allows clients to connect their Elliptic subscriptions to Sumsub’s systems using a Bring Your Own Key (BYOK) model, ensuring they maintain control of their data and simplify workflows.
This allows clients to consolidate their crypto wallet screening workflow into one dashboard. Integrated solutions help companies meet stringent regulatory requirements.
“We are excited to partner with Sumsub to build a stronger shield against financial crime in the cryptocurrency industry.As blockchain technology advances, so do the threats it faces. , comprehensive and adaptable tools have become essential.
By integrating Elliptic’s cutting-edge blockchain analytics with Sumsub’s trusted verification and compliance platform, businesses can proactively address risk, protect users, and stay ahead of regulatory demands. Masu. ”
James Smith, co-founder of Elliptic, said:
“This partnership marks an important step forward for cryptocurrency transaction monitoring as EllIptic is a well-known leading company in the blockchain analytics space. We can leverage our ecosystem to continue pushing the boundaries of fighting financial crime.
At Sumsub, we are committed to building trust in the cryptocurrency sector. By working with Elliptic, we can provide you with powerful tools to streamline compliance, reduce risk, and stay ahead of emerging threats in this space. ”
Ilya Brovin, Chief Growth Officer at Sumsub, said:
Featured image credit: Edited from freepic
