Elliptic, a blockchain analytics firm closed a $23M deal in a Series B funding. The firm helps financial and cryptocurrency companies to navigate money laundering risks.

The funding round was led by SBI Holdings, venture firm AlbionVC as well as existing investors SignalFire, Octopus Ventures and Santander Innoventures.

Elliptic says that Asia based clients have increased over 11 times over the past two years. The UK based blockchain firm said that it wants to expand its capital to Asia. Its first step is by opening up offices in Singapore and Japan.

The two countries were selected “because of its “vibrant” cryptocurrency ecosystem and “clear” regulatory framework.

Dr. James Smith, co-founder and CEO of Elliptic

Elliptic Potential

According to Crunchbase, “Elliptic has raised $12 million to date. So today’s Series B brings the total funding to $35 million. Back in 2016, Elliptic raised $5 million in a Series A round to support its expansion plans at the time.”

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With Series B funding, Elliptic hopes to expand its service over new cryptocurrencies projects such as Facebook’s Libra as well as Central bank’s digital currencies (CBDCs)

We believe that corporations and governments will increasingly seek to issue their own crypto-assets, and we will look to support them on our platform,”

Dr. James Smith, co-founder and CEO of Elliptic

Yoshitaka Kitao, representative director president and CEO of SBI Holdings, said: “We are seeing a growing demand for [Elliptic’s] services across our portfolio of crypto-assets related companies.” With SBI as a lead investor, Elliptic will be able to “double down” on its mission to “enable the crypto industry to grow and take shape,” said Smith.

Elliptic has also doubled the size of its team this year, mainly in its London and New York offices, Smith told The Block, adding: “We will continue to expand these teams in key areas such as customer success, product and marketing, as well as expanding our presence in Japan and Singapore.”

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