Elliptic Partners Crypto Custody Provider Taurus to Enable Institutional-Grade Security and Compliance

Taurus will integrate Elliptic’s wallet screening tools to boost KYC and AML procedures for institutional clients.
Image source: elliptic.co

Quick take:

  • Elliptic has teamed up with Taurus to enable banking-grade security and compliance for institutional clients.
  • Taurus will integrate Elliptic’s wallet screening tools to boost KYC and AML procedures.
  • The partnership is aimed at banks and financial institutions looking to offer tokenised assets to their customers.

Elliptic has announced a partnership with European digital asset custody solutions provider Taurus to enable institutional-grade security and compliance for banks and institutional clients. 

As a part of the partnership, Taurus will integrate Elliptic’s wallet-screening enabling it to seamlessly comply with Know Your Customer (KYC) requirements and Anti-Money Laundering (AML) protocols as well as, fraud risk regulations and all applicable laws. 

Commenting on the partnership, Juergen Hofbauer, Global Head of Strategic Partnerships at Taurus said: “Elliptic is one of the leading blockchain analytics providers for banks. We are pleased to integrate Elliptic Lens and compliance solutions to provide greater transparency to our banking and consumer brands clients.”

The two companies are creating a framework for financial institutions and banks to offer digital asset investment opportunities to their clients without breaching any applicable laws and regulations.

Banks are increasingly embracing crypto asset solutions, with multiple investment management service providers looking to expand their portfolio of products. BlackRock, Bitwise, and Invesco are all waiting for the Securities Exchange Commission to approve their applications for a Spot Bitcoin ETF.

Elsewhere, Citigroup and JPMorgan have both launched private token networks enabling institutional clients like banks to offer tokenised products. On the other hand, PayPal now has its own stablecoin (PYSUD).

“As financial institutions transition to conducting more traditional financial activities on-chain, it is critical that they leverage all the necessary compliance tools and infrastructure to meet regulatory compliance requirements,” Elliptic wrote in a statement on Tuesday.

This integration will make it easier for banks and corporations to perform due diligence on crypto wallets to prevent money laundering, comply with sanctions, and combat fraud — even before transactions are actually executed.

Jackson Hull, Chief Technology Officer at Elliptic commented: “This strategic integration means that Taurus can leverage Elliptic’s best-in-class dataset, helping customers automatically detect and remove high-risk transactions on their own terms as they occur.”

****

Stay up to date:

Subscribe to our newsletter using this link – we won’t spam!

Previous Post

Darewise Entertainment Raises $3.5M for Bitcoin Metaverse Ecosystem

Next Post
What makes an NFT valuable?

The Open Metaverse Alliance Proposes Unified Standard for NFT Royalty Fees

Related Posts
Total
0
Share