Analyst firm Elliptic announced the successful completion of testing a tool to identify suspicious cryptocurrency transactions with a large Spanish bank Santander.
As part of a pilot project, the bank assessed the risks associated with the use of cryptocurrency exchanges by clients. Using the Discover tool developed by Elliptic, the bank “assessed indirect work with cryptocurrencies by identifying and analyzing transactions between the bank’s clients and cryptocurrency exchanges.”
Elliptic’s press release did not reveal the scale of the pilot, but did highlight the praise of Santander CEO Simone Maini for Discover. The testing was also attended by the venture capital company Mouro Capital, which previously made many investments in Elliptic.
Note that Elliptic is one of the leading companies in the development of solutions for the analysis of cryptocurrency transactions, along with the companies Chainalysis and CipherTrace. In contrast to the named companies, Elliptic emphasizes the absence of contracts and connections with the authorities of any states.
In March, CipherTrace introduced CipherTrace Traveler, an anti-money laundering tool that will help cryptocurrency companies comply with FATF guidelines.
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