Crypto pioneer Elliptic raises $23 million to fuel expansion in Asia
Elliptic, the leading provider of crypto-asset risk management solutions, announced this week that it has raised $23 million to spearhead its expansion into Asia.
New offices opening in Japan and Singapore will encourage Elliptic to expand their offerings into new markets, with revenue from clients based in Asia increasing 11X over the past two years.
Elliptic’s global expansion coincides with a growing regulatory focus on the crypto industry and its corresponding demand for compliance solutions.
“Elliptic’s work to enable trust, transparency, and accountability within the industry has played a critical role in the push beyond cryptocurrency’s experimental phase,” said Dr James Smith, Elliptic’s co-founder and CEO. “This new investment will allow us to double down on our mission to enable the crypto industry to grow and take shape.
The new funding, led by Tokyo-based SBI Group, will also be used to accelerate product development to support an emerging class of asset-backed crypto-assets such as Facebook’s Libra, Line Corporation’s LINK and central bank digital currencies.
“We are delighted and extremely proud to have the backing of SBI Group, who will play a key role in our expansion to Asia and will support our teams in Singapore and Japan” Smith added. “Their involvement demonstrates not only how far the crypto world has come, but also the critical role Elliptic plays in enabling the banking adoption of crypto-assets.”
Seven Hills supported Elliptic throughout the announcement of this news securing coverage in outlets including TechCrunch, Sifted, City AM and CNBC.