Venture capital funds and other investment institutions continue to pour money into the blockchain sector

A statement released on Monday confirmed that London-based crypto analytics and insight firm Elliptic had closed a $60 million Series C funding round led by Evolution Equity Partners. Two of Europe’s most prominent investors in technology, Octopus, and AlbionVC participated in the round. SoftBank, Digital Currency Group, Wells Fargo and Digital Currency Group were also present.

“As announced in the Wall Street Journal today, we have closed a $60m Series C funding round. The round is a milestone and a recognition of our critical role in the crypto ecosystem,” a blog post by CEO Simone Maini read.

The post also pointed out that the funding would be invested in expansion efforts, with a portion directed into research and development. These areas are crucial for Elliptic in adapting to the growing crypto space and providing service to institutional customers. Elliptic stated that it strives to be ahead in accuracy and scale, as well as reliability.

Maini recognized the recent funding round as a result the analytics firm’s contributions to the crypto industry. The chief executive told Reuters that Elliptic’s efforts played a critical role in the ecosystem’s growth and in enhancing the adoption of digital assets.

“Without really robust basic insights and tooling that can help facilitate financial crime, protection and risk management, it’s really hard for these businesses to be able to embrace the opportunity,” she noted.

Richard Seewald (the founder of Evolution Equity Partners) also recognized Elliptic’s role as a safe adoption of crypto within a digital world and said that the funds would increase the reach of the analytics company.

” Elliptic has raised more funds to expand its market-leading crypto asset risk management services to financial institutions, businesses and regulatory authorities all over the globe. “

The blockchain intelligence company provides transaction analytics to traditional financial institutions, FinTech companies and government agencies. It also provides risk management services to crypto companies. Since its inception eight years ago, Elliptic has served over 100 customers.

Financial crime compliance is becoming more important. Neil Cunha Gomes from SoftBank Investment Advisers says that Elliptic’s early entrance into the space has allowed it to gain trust from financial institutions. Elliptic, according to him, is well-positioned to facilitate crypto adoption.

Several other crypto analytics companies have been growing through funding in recent weeks. In June, Chainalysis raised $100 million in a Series E funding round that saw its valuation cross the $4 billion mark. Around the same time, San Francisco-based TRM Labs gained an initial $14 million in fundraising.