Yesterday cryptocurrency risk and compliance firm Elliptic announced that Santander has run a pilot using its Discovery solution.
The trial helped Santander better understand its indirect cryptocurrency exposure by analysing transactions between bank accounts and cryptocurrency exchanges.
Back in 2016, Santander’s fintech venture subsidiary Santander Innoventures invested in Elliptic. Last year, Santander spun out the venture firm as Mouro Capital, an independent entity.
“Elliptic is one of our oldest investments, and they have been a great partner at helping us navigate the complexities of the distributed ledger technology (DLT) and crypto world,” Manuel Silva Martínez, general partner at Mouro Capital. “We are excited to see Elliptic’s technology in collaboration with Santander to better understand and protect the bank’s business and customers.”
Elliptic last raised funds in late 2019 when it closed a $28 million Series B. Together Mouro and its predecessor Santander Innoventures is the second largest shareholder behind Japan’s SBI Group.
The cryptocurrency analysis and compliance sector is attracting significant funding at the moment. Chainalysis closed a $100 million Series C in late 2020. TRM Labs secured a $14 million Series A earlier this week. And Ciphertrace has so far secured $27.1 million for its Series B, according to an SEC filing.