- Flare partners with Elliptic to enhance blockchain security and compliance.
- Integration offers real-time wallet and transaction screening for Flare’s decentralized applications.
- Elliptic’s risk management tools will now support FLR, aiding the identification of illicit crypto activities.
In a strategic move to bolster security and regulatory compliance within the blockchain space, Flare, the innovative blockchain platform for data, has announced a partnership with Elliptic, a global leader in crypto asset risk management. This partnership comes barely three days after the Flare team unveiled a public staking service for FLR token holders, aligning with its transition to a proof-of-stake consensus model
This collaboration aims to integrate Elliptic’s advanced transaction and wallet screening tools into the Flare network, offering crucial benefits to organizations building decentralized applications (dApps) on the platform.
Strengthening security with Elliptic integration
Flare’s integration with Elliptic marks a significant step forward in enhancing the security of dApps operating on the Flare blockchain. By leveraging Elliptic’s expertise, Flare provides its users with access to real-time wallet and transaction screening tools that can uncover any connections to illicit actors operating in the crypto space.
Elliptic’s wallet screening solution empowers users with precise due diligence capabilities to assess crypto wallets before transactions occur. This tool helps organizations thwart money laundering, comply with sanctions, and combat fraudulent activities, reinforcing the integrity of crypto transactions on the Flare network.
The partnership also introduces Elliptic’s automated transaction screening tool to the Flare ecosystem. This real-time monitoring solution traces the movement of crypto funds across different blockchains and assets, identifying links to activities such as terrorist financing, sanctioned entities, and other illicit behaviour. For dApp developers and users, this integration equips them with a robust defence against crypto-related financial crimes.
Elliptic’s crypto risk management tools
Elliptic, known as a global leader in crypto asset risk management, covers 99% of crypto assets by market capitalization and has amassed over 100 billion data points. This wealth of data allows Elliptic to provide…