JPMorgan invested in crypto analytics firm Elliptic
The funds raised will help accelerate the company’s global expansion and improve the security of working with digital assets
27.05.2022 - 11:55
286
2 min
0
What’s new? Elliptic, a crypto asset risk management company, has involved JPMorgan Financial Holdings as an additional investor as part of a $60 million Series C funding round. The round was led by Evolution Equity Partners with the participation of SoftBank Vision Fund 2, AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire, and Paladin Capital Group. Elliptic representatives noted in a press release that these investments will help accelerate the company’s global expansion and improve the security of working with digital assets.
What is known about Elliptic? The analytics firm provides a set of investigative and security solutions when working in the field of crypto assets. Its services are used by traditional financial institutions, government agencies as well as fintech and crypto companies. Elliptic’s analytical products support over 500 of the largest market capitalization cryptocurrencies.
What is known about JPMorgan? It is one of the largest American financial holdings. Its core businesses include investments, commercial banking, asset management, and transaction processing. The holding company uses a blockchain called Link to exchange information between banks and its own JPM Coin asset to move tokenized US dollar deposits.
What events happened before? In April, JPMorgan Chase & Co CEO Jamie Dimon acknowledged that blockchain and decentralized finance (DeFi)can improve various aspects of banking. He added that there are currently many areas where blockchain can replace or improve contract execution and data ownership, but for some purposes, it is often too expensive and slow to use. Despite this, Dimon called decentralized finance and blockchain “are real, new technologies that can be deployed in both public and private fashion, permissioned or not.”
On May 26, analysts at JPMorgan stated that bitcoin’s fair price is at $38 000 and noted the potential for further growth in the value of the asset and the cryptocurrency market as a whole.
Useful material?
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024
Business
The rate exchange of the native ACH token reacted with a 10% increase
Apr 18, 2024
Market
Miners are hunting for the first block after halving as the value of the first satoshi could exceed $1 million
Apr 18, 2024
Market
The platform will be non-custodial and accessible to everyone
Apr 15, 2024
Market
China Asset Management, Harvest Global Investments, and Bosera Asset Management have received permits
Apr 15, 2024