Elliptic Partners With Stellar to Launch First XLM Transaction Monitoring System
Leading crypto-asset risk management solutions provider Elliptic and decentralized non-profit organization Stellar (XLM) have entered into an exclusive partnership that entails Elliptic launching the world’s first Stellar transaction monitoring system. Stellar announced the development via a press release issued on April 30, 2020.
Elliptic Launches Stellar Transaction Monitoring System
In a bid to bring further confidence and safety to the Stellar blockchain network, Elliptic has launched the world’s first XLM transaction and wallet screening system.
Per sources close to the matter, Elliptic’s monitoring, compliance, and analysis software will now introduce support for Stellar’s native digital token, XLM. Elliptic’s services will enable financial institutions, businesses, and regulators to uncover and identify illicit activities including fraud schemes, money laundering, sanctions evasion, and terrorist financing, among others, taking place on the blockchain network.
The partnership will also facilitate the addition of other Stellar-based assets such as stablecoins to Elliptic’s platform.
Commenting on the development, Denelle Dixon, CEO and Executive Director, Stellar Development Foundation, said:
“Elliptic sets the global standard in preventing, detecting and actively pursuing criminal activity in this emerging industry.”
“Combining their services with the built-in compliance functionality of the Stellar network, we are empowering crypto businesses and financial institutions with stronger tools to manage risk and operate with transparency and accountability.”
Similar sentiments were echoed by Elliptic CEO, Simone Maini, who said:
“This partnership will help businesses fulfill their compliance needs when building on top of this powerful network. As regulations mature, it will become increasingly important for crypto-asset issuers and platform developers to enable their users to stay compliant if adoption is to grow. The Stellar Development Foundation has been ahead of the curve in working with Elliptic on this.”
Recent Developments in Stellar and Elliptic Ecosystems
Despite the crawling pace of the global economy brought about by the COVID-19 pandemic, businesses in the wider blockchain and cryptocurrency space are burning the midnight oil to expand their business footprint.
Similarly, BTCManager reported on April 28 how Stellar had released Stellar Core v.13.0.orc3 for testing. In addition, the project’s mainnet officially processed more than one billion operations since its launch in 2015.
As for Elliptic, the London-based blockchain analytics firm recently partnered with high-throughput blockchain platform Zilliqa (ZIL) to help bolster its security and anti-money laundering (AML) compliance.