London based cryptocurrency monitoring startup has raised an additional $5m from Wells Fargo Strategic Capital, bringing the size of its Series B to a total of $28m.
Crypto sleuthing firms like Elliptic and similarly bank-backed Chainalysis are thought to have a bright future, with law enforcement agencies doubling down on crypto and industry regulations becoming clearer. Wells Fargo is not the only bank to have taken an interest in Elliptic, but it is the first one from the U.S. Last September, Japanese banking group SBI Holdings invested $10 million to help drive Elliptic’s Asian expansion plans. Other investors include Santander InnoVentures, SignalFire, AlbionVC and Octopus Ventures. “We are excited to invest in Elliptic and to help them execute the next phase of their business plan,” said Basil Darwish, managing director for strategic investments at Wells Fargo, in a statement.