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Elliptic, Prime Trust Team on Business Crypto Transaction Security

Elliptic, which works in blockchain analytics and cryptocurrency compliance solutions, has partnered with financial infrastructure provider Prime Trust to bolster Prime Trust’s dealings with crypto, according to a press release.

Prime Trust recently closed a Series A round with $64 million to expand its B2B market share in crypto, the release stated. Elliptic, as part of the partnership, will integrate several of its products, letting Prime Trust perform pre- and post-analysis checks to make sure cryptoasset transactions and funding are legitimate.

Elliptic’s Navigator product will look at cryptoasset transactions for anti-money laundering (AML) or sanctions risk, and its Lens product will screen crypto wallets for issues, according to the release. Its Forensics product will facilitate investigations into crypto wallet activities.

These services come from the need for retail investors and businesses to have more risk management, compliance and analytics in order to facilitate above-board transactions with crypto, prevent illicit use and operate well under strict financial industry standards, the release stated.

“We continue to see an increased demand of crypto services from established financial institutions and a booming interest from retail investors in a digital world,” said Prime Trust Chief Security Officer Tom Brandl in the release. “With the support of Elliptic, we’ve gone a step further to ensure that our customers can manage risk and scale securely with peace of mind so they can focus on the core of their business.”

In other news, Elliptic said in June that it identified the bitcoin wallet used by the DarkSide criminal group, which received $4.4 million in crypto from the Colonial Pipeline in a hacking episode earlier in the year.

Read more: Crypto’s Troubling Rise and Role in Growing Ransomware Attacks

“Our analysis shows that the wallet has been active since March 4 and has received 57 payments from 21 different wallets,” Elliptic said at the time. “Some of these payments directly match ransoms known to have been paid to DarkSide by other victims, such as 78.29 BTC (also worth $4.4 million at the time of the transaction) sent by chemical distribution company Brenntag on May 11.”

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