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Blockchain analytics company Elliptic has closed a $60 million Series C funding round led by Evolution Equity Partners, which will accelerate the adoption of crypto, the firm said in a blog post on 11 October.

According to the announcement, the funding round was joined by Softbank Vision Fund 2, and also saw participation from AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire, and Paladin Capital Group. Founded in 2013, Elliptic has taken a “critical role” in the crypto market by providing financial markets participants with access to a suite of compliance and investigative solutions designed for crypto. The CEO of Elliptic, Simone Maini, said in a statement:

“At Elliptic, we help financial institutions, from crypto exchanges to the world’s leading banks, embrace cryptoassets more safely. This fundraising round is an endorsement of the opportunity for cryptoassets in the financial industry – and our absolutely critical role in the ecosystem.”

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The newly acquired funds will help Elliptic accelerate its research and development of forensics tools for blockchain, investigation, and compliance. While the company’s team has already grown by “nearly 50% this year”, Elliptic further plans to expand its global team of experts, with a specific focus on the U.S.. Neil Cunha-Gomes, investor for SoftBank Investment Advisers, said:

“The unique nature of crypto as a maturing asset class means there is a growing need for enterprise-grade compliance and transaction monitoring tools.”

The company claimed in its blog post that around two-thirds of all crypto volumes worldwide were transacted on exchanges that already use its solutions. The blockchain transaction-analysis industry has become a booming sector that has even attracted Mastercard, which last month acquired Ciphertrace. One of the largest blockchain analytics companies, Chainalysis, was able to reach a valuation of $4.2 billion in June through a $100 million Series E financing round.

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