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Elliptic partners with the NEAR crypto project to improve the security of blockchain networks

Elliptic partners with the NEAR crypto project to improve the security of blockchain networks

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Answer Elliptic partners with the NEAR crypto project to improve the security of blockchain networks

The arena of crypto and blockchain projects has evolved, along with acquisitions and partnerships.

Recently, press reports showed Elliptic’s partnership with the NEAR crypto project.

As part of the partnership, NEAR users will benefit from the full visibility and security of blockchain technologies across Elliptic’s broad range of products.

The focus will also be on improving the security of blockchain networks while allowing users to explore Web 3.

Elliptic Partnership with NEAR:

The official announcement regarding the partnership revealed that the deal means that both the NEAR blockchain and its cryptocurrency, NEAR, will be able to access Elliptic analytics and financial crime tracking services.

Read:British hedge fund Brevan Howard creates cryptocurrency division

Elliptic offers various tools for identifying illicit crypto activity, such as mapping and correlating signals from the real world with virtual entities and ultimately detecting them.

The company also holds insights into the risks that can reach legacy financial institutions.

Commenting on the partnership, Marek Flament, CEO of the NEAR Foundation said:

The platform aims to bring billions of users to Web 3 with the latest move.

We cannot do this unless we can create a safe and secure environment for people to explore this new world.

Partnering with projects like Elliptic helps us achieve this goal faster.

Initially, users will be able to take advantage of checking cryptocurrency wallets and transactions on the “NEAR” blockchain to take advantage of “Elliptic’s Lens” and “Navigator” products.

The protocol also intends to integrate cryptocurrency service providers (verified VASPs) as well as crime investigation capabilities through the Elliptics Discovery and Forensics services in the future.

Last month, Elliptic revealed that it was building a new data product for institutional cryptocurrency traders.

London-based blockchain analytics firm Elliptic told that its data set includes more than 20 billion data points and includes 148 crypto-assets, representing 98% of worldwide trading volume.

Read:Bitcoin ATM Ban Announced In The UK!

The product, set to be launched publicly later this year, is being developed in collaboration with some investment banks research teams, cryptocurrency exchanges, as well as hedge funds.

Elliptic’s ambitious roadmap includes transforming the company into a one-stop shop for institutional investors seeking blockchain and data analytics.

Read:Here’s How Elon Musk’s Tweets Affect Bitcoin and Dogecoin Prices

Elliptic previously raised $60 million in a C funding round in October 2021.

The tour witnessed the participation of the Japanese investment company “SoftBank Group” and the American multinational “Wells Fargo”.

The company plans to deploy a new capital infusion to expand the global team of experts, especially in the USA.

Read also:

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