According to SDF director of communications Lauren Thorbjornsen, under the partnership, the SDF will utilize Elliptic’s cryptocurrency risk expertise for companies and financial organizations which have adopted Stellar blockchain.
Lauren Thorbjornsen said “These services are live and available for businesses on the network today as Elliptic launched the world’s first Stellar network transaction monitoring system.”
Basically, Elliptic now facilitates businesses, which have adopted Stellar blockchain, to track illegal and dubious activities, while offering transparency in crime prevention and statutory compliance.
Ms.Thorbjornsen further said “The integration also enables the rapid addition to Elliptic’s platform of other Stellar-based assets such as stablecoins supporting the wider ecosystem.”
Elliptic has included wallet scanning and XLM tracking ability to Stellar side. For several years, the blockchain sector has come across several rules, specifically in the US.
As regulating organizations bring stringent KYC requirements, crypto related businesses are required to arm themselves with necessary tools to pave way for complying with those requirements.
Stellar believes that the partnership is the only way to remain compliant with regulatory needs that is going to be enforced across the sector in the days ahead.
In this regard, Thorbjornsen said “It’s an important step for crypto businesses and financial institutions built on the Stellar network to have ready access to transaction monitoring services.”
“These tools, combined with the built-in compliance functionality of the Stellar network, equip our users with stronger tools to manage risk and operate with transparency and accountability. Elliptic also works closely with law enforcement agencies to assist in identifying and disrupting criminal behavior.”
The word ‘exclusive’ can be interpreted in numerous ways. In this case, Thorbjornsen explained the importance of this partnership by saying “Elliptic will be the preferred provider of the Stellar network.”
“SDF worked with Elliptic to build the infrastructure and complete the technical integration with the Stellar network, so new and existing businesses on Stellar are now able to use Elliptic’s market-leading services for their compliance needs.”
In April, the SDF also introduced a donation platform that awards XLM equivalent to the donation received in the US dollars.