By Oliver Smith on Friday 24 May 2019
Reports of suspicious transactions will now be fed back into Elliptic’s database.
Tracking and tracing suspicious crypto payments isn’t easy, but for crypto crimefighters Elliptic the job got a little easier today with the addition of transaction data from Wirex.
Elliptic, started in 2013 by CEO James Smith, has made a name for itself as the one-stop shop for all things crypto crime related, from anti-money laundering to helping law enforcement with investigations.
The partnership with Wirex, a crypto and fiat payment account, comes just weeks after Elliptic signed a similar deal with exchange giant Binance to boost its compliance capabilities.
As well as adding its transaction checking capabilities to Wirex, which Elliptic has worked on since 2016, the crypto payments company will feed its own data on suspicious transactions back into Elliptic’s database.
“Our new working arrangement with Wirex will play a significant role in helping cryptocurrency become more trusted and commonplace,” said Elliptic’s Smith.
“The cryptocurrency community continues to work collaboratively with innovative approaches to strengthen security across the industry.”
Because Wirex operates in fiat and conventional card payments, its data provided to Elliptic will give the startup visibility on more traditional crimes, like stolen credit cards, which feed into crypto’s wider struggles against crime and fraud.
“We believe it is our duty to deliver innovation and choice to our customers whilst ensuring the security of their money and data,” said Wirex CEO Pavel Matveev.