finance news

Cryptocurrency Tracing firm raises $23 million in Series B led by SBI holding 

Cryptocurrency Tracing firm raises $23 million in Series B led by SBI holding 
Cryptocurrency Tracing firm raises $23 million in Series B led by SBI holding 
Earlier today, Elliptic made an announcement in their blog post that they have raised $23 million in a Series B round of funding. SBI Holdings is the lead investor in the round of funding which would be used by the company to expand its operation in Asia. 

Recently the Blockchain Forensics firm opened up its office in Singapore and would be opening up an office in Japan in the coming weeks.

Tomoyuki Nii who is the chief executive officer for SBI overseas has stated that he would be joining the Blockchain company as a board member. 

The Series B round of funding would also see investors in the form of Santander Innoventure, SignalFire, Octopus Ventures, and AlbionVC. SBI is the biggest investor with a $10 million investor its Series B round.

Tokyo and Singapore have a vibrant crypto community which has made it very attractive for the company according to its Founder and CEO James Smith. 

Elliptic locates suspicious transactions on the Bitcoin Blockchain using artificial intelligence and machine learning. According to Smith, SBI would use its advance technology for its own blockchain portfolio companies, and also its banking and financial partners.

James Smith founded the company back in 2013 and since then has raised $12 million in its seed round and $5 million in its Series A which was led by Singal Fire in December 2017.