Santander Bank Tests Elliptic Solution for Analyzing Cryptocurrency Transactions – Bits Media

Analyst firm Elliptic announced the successful completion of testing a tool to identify suspicious cryptocurrency transactions with a large Spanish bank Santander.

As part of the pilot project, the bank assessed the risks, associated with the use cryptocurrency exchanges by customers. Using the Discover tool, designed by Elliptic, The bank "evaluated indirect work with cryptocurrencies, Thanks to the identification and analysis of transactions between bank customers and cryptocurrency exchanges ".

Elliptic's press release does not report the scale of the pilot project, However, the praise of the general director of Santander Simon Mini emphasizes (Simone Maini) In relation to Discover. Mouuro Capital's venture company also took part in testing, which previously invested in Elliptic.

Note, that Elliptic is one of the leading firms for the development of solutions for the analysis of cryptocurrency transactions, along with Chainalysis and Ciphertrace. Unlike these companies, Elliptic emphasizes the lack of contracts and connections with the authorities of any states.

In March, Ciphertrace introduced a tool to combat money laundering Ciphertrace Traveler, which will help cryptocurrency companies to follow the Fatf recommendations.