Zilliqa, the high-performance, high-security blockchain, has joined forces with Elliptic, the leading provider of crypto-asset risk management solutions for crypto businesses and financial institutions, to bolster its infrastructure security and compliance. By leveraging Elliptic’s comprehensive suite of risk management and AML compliance tools, Zilliqa will be able to mitigate exposure to fraudulent financial activities across the platform, and for tokens built on it.
Elliptic’s solutions will help provide ongoing actionable risk intelligence on Zilliqa’s token, ZIL, as well as StraitsX, a stablecoin initiative powered by Zilliqa and issued by Xfers, commencing with XSGD, a token fully backed and pegged 1:1 to the Singapore Dollar. Elliptic’s blockchain transaction monitoring service will provide infrastructure to verify the legitimacy of transactions occurring on the Zilliqa blockchain. It will identify and help block potential transactions linked to illicit actors. By red-flagging wallet addresses with illegal and suspect motivations, the partnership will facilitate the prevention, detection, as well as investigation of possible criminal activity on the Zilliqa platform. Elliptic’s tools will also help to ensure that Zilliqa meets anti-money laundering compliance requirements for cryptocurrencies, restoring an institutional level of trust in the blockchain economy.
Commenting on the strategic partnership, Amrit Kumar, President at Zilliqa, said, “While the promise of the digital economy is a truly exciting one, it is also imperative that established standards around security and compliance remain uncompromised. Inherent vulnerabilities present in the crypto industry can often lead to exploitation by wayward players, particularly in delicate financial sectors. Elliptic was the clear partner of choice, and it is with this confidence that we strive to distinguish Zilliqa as a trusted, secure platform.”
Based in London, Elliptic enables cryptocurrency exchanges, brokers, banks and other financial institutions to identify and prevent illicit activity. To date, Elliptic has assessed risks for transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, as well as other financial crimes. Elliptic’s AML software has also been recognised as the gold standard for regulatory compliance in the bitcoin industry.
James Smith, CEO & Co-Founder of Elliptic said, “At Elliptic, we are working to enable an open, decentralized financial system, which will increase choice and drive down costs for consumers, and our partnership with Zilliqa illustrates this commitment. Companies are now in the driver’s seat when it comes to critical issues of trust and transparency, and we’re excited to be on-board with Zilliqa as we champion compliance in a fast-changing industry.”
Driving financial inclusion and stability, StraitsX will leverage on Zilliqa’s smart contract capabilities to provide the necessary level of security. StraitsX is launched by Xfers, Southeast Asia’s leading fintech platform for digital businesses that aims to enable open banking for the region. It offers a range of last-mile financial rails including the Xfers Wallet Kit, payments, financing and card issuance. Xfers is approved as a Widely Accepted Stored Value Facility (WASVF) by the Monetary Authority Singapore. With this, the Xfers Wallet joins the ranks of only five other WASVFs nationwide – EZ-Link Card, NETS CashCard, NETS Flashpay, CapitaVoucher, and AliPay Merchant Services. The StraitsX initiative will be supported by a number of early members, including Binance Singapore, Coinhako, Coinut, Crypto.com, Sparrow, Tokenize Xchange and Wowoo Exchange.