Wells Fargo has invested $5 million in Elliptic, a London-based cryptocurrency surveillance technology provider.
Wells Fargo Strategic Capital's investment brings a previously announced Series B funding round to $28 million. Wells joins SBI Group and Santander InnoVentures as an Elliptic investor.
Elliptic's technology helps crypto firms - including Circle and Binance - uncover and block activities related to money laundering, terrorist fundraising, fraud, and other financial crimes.
Having secured new funding from one of the world's biggest banks, the firm is looking to push a new risk management product aimed specifically at financial institutions.
Called Elliptic Discovery, it provides bank compliance teams with insights to identify any flow of funds into and out of cryptoassets and to better assess the risk that they pose. The tool gives detailed transaction profiles of over two hundred global crypto exchanges, helping FIs manage risk and meet regulatory requirements.
James Smith, CEO,Elliptic, says: "The partnership with our bank investors will further enhance our ability to better understand and work closely with financial institutions around the world to provide them with greater visibility into the cryptoasset ecosystem.
"Instead of leaving financial institutions in the dark regarding transactions in the emerging cryptoasset class, our aim is that Elliptic, working with financial institutions, will shine a light on any cryptoasset-linked transaction activity and enable them to manage risk accordingly."