Wells Fargo (WFSC) Participates In Series B Fund Raising of Blockchain Forensic Startup

Wells Fargo seems to be testing their luck into blockchain industry, after various Wall Street players like JP Morgan and Fidelity Investments, now yet another banking giant, Wells Fargo is reportedly investing into a blockchain forensic firm ‘Elliptic’.

As per a press release, Wells Fargo Strategic Capital, arm of the renowned American bank, has made an announcement to join the UK startup, Elliptic’s Series B funding programme, led by Tokyo-based financial institution SBI Holdings.

Well, with Wells Fargo’s $5 million participation contributes to the total amount raised during the round reached over $28 million.

Elliptic was originated in 2013, with MIT’s researchers who have been IBM-funded AI Lab to generate the world’s largest set of labelled Bitcoin transaction data, which provides tools for analysing cryptocurrency transactions and also drives the company to its global expansion.

"We are proud to announce Wells Fargo's investment in Elliptic. The partnership with our bank investors will further enhance our ability to better understand and work closely with financial institutions around the world to provide them with greater visibility into the crypto-asset ecosystem, said the CEO of Elliptic, James Smith, instead of leaving financial institutions in the dark regarding transactions in the emerging crypto-asset class, our aim is that Elliptic, working with financial institutions, will shine a light on any crypto-asset-linked transaction activity and enable them to manage risk accordingly."

"We are pleased to participate in Elliptic's Series B financing round and to support their mission of developing innovative risk management solutions, said Basil Darwish, the managing director, WFSC, Since its inception in 2013, Elliptic has been a pioneer in developing a distinctive array of data sets and transaction monitoring tools. We are excited to invest in Elliptic and to help them execute the next phase of their business plan."

Tokyo-based SBI Group and Santander InnoVentures are also the renowned names who contributed to the investors’ portfolio backing Elliptic at this juncture.

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