Elliptic Raises $120 Million in Round Backed by Deutsche Bank, Nasdaq Ventures

Blockchain analytics firm Elliptic has raised $120 million in a funding round backed by Deutsche Bank and Nasdaq Ventures. The deal highlights rising demand for regulatory and compliance tools as institutional adoption of digital assets expands.

Bloomberg reported on May 12 that the round was led by One Peak Partners and valued Elliptic at about $670 million.

The British Business Bank, the U.K. government-owned development bank, also joined the round. Existing investors JPMorgan and AlbionVC participated as well.

Founded in 2013, Elliptic is one of the leading blockchain analytics firms, offering tools that trace digital-asset transactions and detect money laundering and sanctions evasion.

The expansion of digital-asset businesses by traditional financial institutions is also fueling growth for related infrastructure providers.

Chief Executive Officer Simone Maini said large-scale compliance operations are no longer a future challenge but a core operational requirement. Demand is rising rapidly as institutional digital-asset activity grows, he added.

Financial institutions in the U.S. and Europe have recently stepped up efforts to expand their digital-asset and tokenization businesses.

Morgan Stanley began offering cryptocurrency trading on its E*Trade platform earlier this month. JPMorgan expanded access late last year to JPM Coin, its dollar deposit-based token, for some institutional clients.

In Europe, a banking consortium including ING and UniCredit is pursuing a euro-based digital-asset development project.

Nasdaq also disclosed plans earlier this year to design a framework for trading tokenized shares.

Elliptic said it currently monitors more than 1 billion transactions a week for more than 700 clients worldwide.