Hassan Maishera
Flare – the blockchain for data – announced on Wednesday, November 1st, that it has partnered with Elliptic – the global leader in cryptoasset risk management – to integrate Elliptic’s transaction and wallet screening capabilities into the Flare network.
Entities building dApps on Flare will now have access to Elliptic’s real-time wallet and transaction screening tools to uncover any links to illicit actors.
Elliptic’s wallet screening solution offers easy and accurate due diligence on crypto wallets before transactions take place, helping companies prevent money laundering, comply with sanctions and combat fraud.
Furthermore, Elliptic’s transaction screening tool is a fully automated real-time transaction monitoring solution which is essential for anti-money laundering compliance. This tool traces crypto funds across blockchains and assets, identifying links to terrorist financing, sanctioned entities and other illicit activity.
Following this integration, Elliptic’s monitoring, compliance, and analysis software now supports FLR, the native asset of Flare. Financial institutions, businesses, and regulators can utilize these software tools to identify a full range of illicit activities. Some of the illegal activities they can track include small-scale fraud schemes, money laundering, sanctions evasion, and terrorist financing.
While commenting on this latest development, Hugo Philion, CEO and co-founder of Flare, said,
“By providing developers with data as a public good, we are opening the door to many new potential blockchain use cases and monetization models. Partnering with Elliptic helps us to deliver a highly secure environment for dApp builders, bringing further confidence and credibility to the Flare blockchain while protecting network participants.”
Elliptic’s Co-founder, James Smith, added that,
“By supporting the Flare network, Elliptic aims to help the organization in its mission to drive the adoption of safe and secure dApps, increasing their relevancy and encouraging wider engagement with the Flare community and blockchain technology. Our next-generation wallet and transaction screening tools will help make dApps operating on the Flare network safer, more regulation-ready, and better protected from inadvertent exposure to sanctioned entities.”
At the moment, Elliptic has over 100 billion data points that allow it to provide accurate, actionable insights that its customers can rely on to mitigate risk and be compliant.
By integrating with Elliptic’s tools, financial services companies operating on the Flare Blockchain can ensure on-chain compliance and safeguard their businesses from sanctioned actors.
Flare is the blockchain for data, an EVM smart contract platform that expands the utility of blockchain. With decentralized oracles built into the structure of the network, Flare is the only smart contract platform optimized for decentralized data acquisition - price and time series data, blockchain event and state data, and Web2 API data.
Meanwhile, Elliptic is the global leader in cryptoasset risk management for crypto businesses, governments and financial institutions worldwide.
