The Stellar Development Foundation, or SDF ties with crypto risk-management operation, Elliptic, on April 30. Elliptic now brings Stellar-based businesses the ability to track suspicious and fraudulent activities and regulatory requirements.
We're excited to announce our exclusive partnership with @elliptic. The world's first #Stellar transaction monitoring system is live today to empower businesses on our network. Check out the news: https://t.co/iktGI3SNRw — Stellar (@StellarOrg) April 30, 2020
SDF director of communications Lauren Thorbjornsen says:
“These services are live and available for businesses on the network today as Elliptic launched the world’s first Stellar network transaction monitoring system.”
Thorbjornsen adds:
“The integration also enables the rapid addition to Elliptic’s platform of other Stellar-based assets such as stablecoins supporting the wider ecosystem.”
An April 30 statement from the SDF detailed that Elliptic adds wallet examination and XLM tracking potential to Stellar’s camp.
Thorbjornsen continues:
“It’s an important step for crypto businesses and financial institutions built on the Stellar network to have ready access to transaction monitoring services.”
Thorbjornsen further continues:
“These tools, combined with the built-in compliance functionality of the Stellar network, equip our users with stronger tools to manage risk and operate with transparency and accountability. Elliptic also works closely with law enforcement agencies to assist in identifying and disrupting criminal behavior.”
Thorbjornsen clarified on the partnership that “Elliptic will be the preferred provider of the Stellar network” :
“SDF worked with Elliptic to build the infrastructure and complete the technical integration with the Stellar network, so new and existing businesses on Stellar are now able to use Elliptic’s market-leading services for their compliance needs.”
Stellar sees the collaboration as a way to stay on top of regulation.
Source: Cointelegraph | Image: Unsplash