Sumsub, a full-cycle verification platform, has announced its integration with Elliptic, a provider of cryptocurrency risk management services.
This partnership enhances Sumsub’s Crypto Transaction Monitoring and Travel Rule solutions, offering global customers enhanced capabilities for cryptocurrency wallet control, fraud detection and transaction risk assessment.
Blockchain-related crime, including money laundering and fraud, continues to be a growing concern. In light of this, integrating Elliptic’s analytics into Sumsub’s platform enables companies to protect users by providing a comprehensive view of blockchain transactions to mitigate financial crime.
The integration allows customers, including companies in the blockchain, fintech and payments sectors, to seamlessly connect existing Elliptic subscriptions to Sumsub’s system via the Bring Your Own Key (BYOK) model. This allows customers to use their own encryption keys to manage and secure their data, ensuring full control of sensitive information when using Sumsub’s compliance and monitoring services.
Customers can connect their existing functionality from Elliptic’s platform to Sumsub’s, consolidating their workflows around cryptocurrency wallet reviews into one dashboard.
Now, Sumsub customers can ensure alignment with strict regulatory requirements, with Elliptic providing the broadest coverage of cryptocurrencies and blockchains available on the market.
“We are excited to partner with Sumsub to build a stronger shield against financial crime in the crypto industry. As blockchain technology advances, so do the threats it faces, making integrated and adaptive tools essential,” said James Smith, co-founder of Elliptic. “By integrating Elliptic’s cutting-edge blockchain analytics with Sumsub’s trusted verification and compliance platform, we are enabling businesses to proactively address risk, protect their users and stay ahead of regulatory requirements. This integration not only enhances fraud detection, but also fosters greater transparency and trust in the evolving crypto space, helping companies navigate a complex landscape with confidence.”
“This partnership marks an important step forward for crypto transaction monitoring, as Elliptic is a renowned, leading player in the blockchain analytics space. By incorporating its analytics, we can continue to push the boundaries in the fight against financial crime with the largest global ecosystem of virtual asset service providers (VASPs),” said Ilya Brovin, Chief Growth Officer of Sumsub. “At Sumsub, we are committed to fostering trust in the cryptocurrency space. Together with Elliptic, we can provide powerful tools to streamline compliance, mitigate risk and stay ahead of emerging threats in the sector.”