Elliptic has created and launched a new solution that will help commercial banks ensure a more beneficial and closer relationship with cryptocurrency exchanges. According to a press release, the London-based firm’s new offering is called Elliptic Discovery.
Elliptic Discovery is a solution that shows very in-depth details of over 200 cryptocurrency exchanges all over the world, giving banks as much information as they might need. This insight allows the banks to make specific decisions on which crypto exchanges to deal with and how much risk might be involved in their business dealings.
Explaining the solution, Elliptic Co-founder and CEO Dr. James Smith said that the platform was created because banks didn’t have enough information about the crypto world, stifling proper growth. Smith said:
“For too long, banks’ lack of visibility into the crypto-asset ecosystem has led to zero-tolerance for this emerging asset class. This has frustrated their customers, while they have remained blind to the actual risks posed by their exposure to crypto-assets. Elliptic Discovery changes that by enabling banks to shine a light on their customer’s crypto-asset activity and take a risk-based approach.”
For a long time now, traditional institutions including banks have been a little too cautious about their dealings with crypto exchanges. While they may have a good enough reason to be circumspect, Elliptic Discovery will help them make related decisions a little faster. As more crypto exchanges experience security breaches, it would make sense for these banking institutions to understand the inner workings of the exchanges.
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