0.2 Percent of XRP Transactions Linked to Illicit Activities, Crypto Firm Claims
In a press release issued on November 20, 2019, leading enterprise-grade crypto-asset risk management solutions provider Elliptic announced transaction monitoring support for Ripple Inc.’s XRP digital token.
XRP Transaction Monitoring Now Possible
In a bid to bring more legitimacy to the often frowned upon cryptocurrency space, London-based crypto venture Elliptic has announced the launch of transaction monitoring service for the third-largest cryptocurrency by market cap – XRP.
According to the firm, with the newly unveiled XRP service, Elliptic now supports more than 85 percent of all cryptocurrency markets by market capitalization.
Notably, Elliptic found that 0.2 percent of all XRP transactions – approximately worth $400 million – were, in some capacity, related to illicit activities. This proves that the vast majority of XRP transactions are executed for legitimate purposes, the press release adds.
Dr. Tom Robinson, Chief Scientist, and Co-Founder, Elliptic, commented on the development, saying:
“We began researching XRP more than a year ago and have already identified several hundred XRP accounts linked to illicit activity ranging from thefts to scams and the sale of stolen credit cards.”
“As criminal use of crypto-assets such as XRP evolves, we are committed to shining a light on this illicit activity, giving financial institutions the confidence they need to engage with the crypto ecosystem. XRP is gaining increasing traction in the APAC region among financial institutions and banks. With cryptocurrency regulatory frameworks advancing quickly, our AML solutions will help accelerate adoption in this region and globally.“
Elliptic Considering Adding Support for More Cryptocurrencies
Per sources close to the matter, blockchain developers at Elliptic have built multiple solutions and safety-mechanisms to protect their clients from risks associated with cryptocurrencies – including their expenditure on the dark web or use for money laundering.
The announcement also notes that currently, the support for XRP altcoin is in beta. Elliptic says that full support for its clients will be rolled out in December first week. The firm hinted that it will continue to add more crypto-assets to its platform over the coming months – based on feedback from clients and regulators.
At press time, XRP trades at $0.246 with a market cap of roughly $10.6 billion.