Global crypto-asset risk management company powers up with Sumsub

A leading crypto asset risk management company is partnering with Sumsub to offer “enhanced capabilities” in screening cryptocurrency wallets, fraud detection, and assessing transaction risks.

Headquartered in London with offices in New York, Singapore and Tokyo, Elliptic handles crypto asset risk management for crypto businesses, governments and financial institutions worldwide. The integration with Sumsub allows clients to connect existing Elliptic subscriptions to Sumsub’s system via the Bring Your Own Key (BYOK) model.

“We’re excited to partner with Sumsub to create a stronger shield against financial crime in the crypto industry,” said James Smith, co-founder of Elliptic. “By integrating Elliptic’s cutting-edge blockchain analytics with Sumsub’s trusted verification and compliance platform, we’re empowering businesses to proactively address risks, protect their users, and stay ahead of regulatory demands,” he continued.

Clients will be able to use their own encryption keys to manage and secure data, and connect their existing functionality from Elliptic’s platform with Sumsub’s — unifying workflows around cryptocurrency wallet screenings on one dashboard. In addition, Sumsub’s compliance and monitoring services are available. Real-time risk assessments are powered by Elliptic’s in-depth blockchain data.

“This partnership marks a significant step forward for crypto transaction monitoring, as Elliptic is a renowned, leading player in the blockchain analytics space,” said Ilya Brovin, chief growth officer at Sumsub. “By integrating its analytics, we can continue to push the boundaries in fighting against financial crime, with the largest global ecosystem of virtual asset service providers (VASPs),” he continued.

According to Sumsub’s Identity Fraud Report 2024, crypto was among the top-five industries with the highest fraud rates. In the same report, Sumsub found businesses are grappling with mounting fraud threats, as 67 percent reported increased fraud activity in 2024, amidst a deepfake surge and use of generative AI.

Article Topics

cryptocurrency  |  encryption  |  financial crime  |  fraud prevention  |  identity verification  |  Sumsub