Cryptocurrency intelligence company, Elliptic on Monday revealed that it has raised $60 million in a Series C financing round from SoftBank and a multitude of strategic investors, to expedite its blockchain research and development (R&D).
Fargo Strategic Capital, a financial service company and other investors’ were part of those who welcomed crypto and similar digital assets into their entourage, with Elliptic disclosing that Evolution Equity Partners steered the funding process, in addition to a “new investment from Softbank Vision Fund 2.”
Venture Capital Fund, SoftBank Vision, a segment from the Tokyo-based conglomerate SoftBank Group Corp has more than $100 billion in capital, coming on as the world’s most influential and bulkiest technology-driven investment fund.
When Softbank Vision Fund 2 was created in 2019, there was a combined value of both funds of $154 billion, a sizeable figure.
With investors rounding up to invest in blockchain, just before stiffer regulations are imposed in the industry, with Albion VC, Digital Currency Group, SBI Group, Octopus Ventures, Signalfire, and Paladin Capital Group part of the other investing companies actively involved in the Series C funding round.
With the increased demand for Blockchain analysis firms, Elliptic taking cognizance of the situation had planned to subsidize $60 million funding into expanding its teams and diversifying its work field while accentuating its focus on R&D to augment its global growth, so fintech contributors can “embrace the crypto opportunity with trust and confidence.”
According to Crunchbase, Ellipticis also directing its focus on incorporating transparent and accountable crytotocurrency transactional operations, with the focus of the company based on creating a safe ecosystem for blockchain technology, where it can halt criminal use of cryptocurrency by unravelling residual issues in cryptocurrency identity.
The firm has also gotten itself a specialized team that would help expand its limits to put a stop to illegal cryptocurrency behaviour that had hitherto being jeopardizing the technology’s representation towards governmental agencies, leading to gustier probing examination on the industry. Elliptic presently lay claims to more than 20 billion data points, expanding towards 98 percent of the world’s cryptocurrency holdings by market cap.
“At Elliptic, we help financial institutions, from crypto exchanges to the world’s leading banks, embrace [crypto assets] more safely,” CEO of Elliptic, Simone Maini, said in a statement to Bitcoin.com News.
“This fundraising round is an endorsement of the opportunity for [crypto assets] in the financial industry – and are an absolutely critical role in the ecosystem,” he added.
Ayoola Faseyi, an Abuja based Journalist with interest in Technology and Politics. He is a versatile writer with articles in many renowned News Journals. He is the Co-Founder of media brand, The Vent Republic.
