Elliptic Announces Expansion of Its Platform

Elliptic Announces Expansion of Its Platform

Elliptic, one of the leading global crypto-asset risk management platforms, announced today that the company has expanded its platform with the launch of full coverage of Polkadot and Algorand blockchains.

In an official announcement, Elliptic mentioned that the full compliance coverage of Polkadot and Algorand blockchains will be available through Elliptic’s Lens and Navigator products. According to the company, Elliptic is the first provider to offer comprehensive coverage of the Polkadot blockchain globally.

Polkadot and Algorand blockchains are among the fastest-growing blockchains in the world. Polkadot (DOT) is one of the top 10 digital currencies with a market cap of over $33 billion. On the other hand, the market cap of Algorand (ALGO) currently stands at around $11.5 billion.

“The announcement comes following a significant increase in interest from the business community in tools and data that can help ensure transparency of transactions conducted on the Polkadot and Algorand blockchains in recent months. Both blockchains are regarded amongst the most applicable for the mainstream business community,” Elliptic mentioned in the press release.

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Earlier this year, Revolut, one of the world’s leading financial technology companies, adopted Elliptic’s crypto compliance software and expanded its cryptocurrency offering.

Crypto Compliance

With the growing popularity of crypto assets around the world, the need for a comprehensive crypto compliance structure has increased significantly. In the latest announcement, Simone Maini, CEO of Elliptic, highlighted the importance of compliance in financial innovation.

“Algorand and Polkadot are blockchains with real potential to create greater efficiency and innovation in the financial world. We are delighted to support them, from today, with the rigour Elliptic is renowned for. This development is an important step towards our goal of supporting the financial community with coverage of the broadest set of blockchains in the greatest depth,” Maini said in the announcement.

Polkadot is currently trading near $34. DOT gained 13% in the last 24 hours. On the other hand, Algorand is trading near $1.86.