Elliptic Partners With NEAR Protocol To Improve Security Of Network

February 23, 2022 8:54 pm Comments

Elliptic is a London-based blockchain analytics firm that has a wide range of product offerings that are focused on improving blockchain security.

The firm recently announced a partnership with the NEAR Protocol where the NEAR ecosystem and its native token, NEAR, will be able to benefit from Elliptic’s analytics and financial tracking services.

With these new tools, any illegal activity that is performed on the NEAR blockchain would be detected making the NEAR Protocol a much more attractive choice for legacy financial institutions.

With the partnership, the company also expects to be able to onboard billions of users into the Web 3 space as mentioned by the CEO of the NEAR Foundation.

CryptoPotato reports:

Elliptic offers various tools to identify illicit crypto activity, such as mapping real-world signals to pseudonymous entities. It also provides risk insights to legacy financial institutions.

Commenting on the partnership, NEAR Foundation CEO Marieke Flament said the platform aims to onboard billions of users into Web 3 with the latest move. The exec also added,

“We can’t do that unless we can create a safe and secure environment for people to explore this new world. Partnering with projects like Elliptic helps us realize this goal faster.”

Initially, users will be able to benefit from the screening of crypto wallets and transactions on the NEAR blockchain leveraging Elliptic’s Lens and Navigator products.

The protocol also intends to incorporate Virtual Asset Providers (VASPs verification) as well as crime investigation capabilities through Elliptics Discovery and Forensics in the future.

Elliptic also has future plans on its roadmap on how it plans to continue to deliver value in this partnership with NEAR Protocol.

It revealed that it is currently working on a new product that is dedicated for institutional investors and institutions to be able to use.

The firm has a large dataset for many crypto assets and therefore can provide comprehensive analysis for any type of metric for a blockchain like the NEAR Protocol.

As a result, investors can be confident that it would play a critical role in keeping the NEAR ecosystem as secure as possible.

Elliptic is also not short on funding its initiatives as it recently received $60 million in Series C funding back in October of last year.

CoinSpeaker reports:

“Working with NEAR Foundation is another important step towards providing the deepest analytical and technical insight across a broad range of blockchain technologies to ensure businesses can identify trusted partners and work with crypto-assets with confidence,” explained he.

Connolly continued that the partnership with NEAR Foundation was a critical step for the entire industry, as it would allow users to have access to “the most reliable analytical and technical insight across a wide range of blockchain technologies.”

Other than security, there are many privileges that NEAR users are bound to enjoy with the new partnership.

One of the other advantages includes the visibility of the NEAR blockchain across all the products and services offered by Elliptic. At the top of the list is the use of Elliptic’s Lens and Navigator products to screen crypto wallets as well as transactions performed on the NEAR blockchain.

At the time of writing, NEAR Protocol’s native token NEAR has a total market cap of $5.9 billion and is currently ranked the 24th largest coin.

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