Flare Teams Up with Elliptic to Strengthen Crypto Risk Management

4:37 pm
November 1, 2023

In a move to enhance security and regulatory compliance in the blockchain industry, Flare, a blockchain platform for data, has announced a partnership with Elliptic, a leader in crypto asset risk management. The integration of Elliptic’s risk management tools into the Flare network will provide real-time wallet and transaction screening for the platform’s decentralized applications (dApps). This collaboration aims to bolster security measures and identify illicit crypto activities.

Summary

Flare has partnered with Elliptic to integrate advanced risk management tools into its blockchain platform. This collaboration will offer real-time wallet and transaction screening for Flare’s decentralized applications, enhancing security and regulatory compliance. Elliptic’s expertise in crypto asset risk management will help identify illicit crypto activities and strengthen the integrity of crypto transactions on the Flare network.

Strengthening Security with Elliptic Integration

With the integration of Elliptic’s advanced transaction and wallet screening tools, Flare aims to enhance the security of dApps operating on its blockchain platform. By leveraging Elliptic’s expertise, Flare users will have access to real-time screening tools that can uncover connections to illicit actors in the crypto space. This will help organizations prevent money laundering, comply with sanctions, and combat fraudulent activities, reinforcing the integrity of crypto transactions on the Flare network.

Elliptic’s Crypto Risk Management Tools

Elliptic is known as a global leader in crypto asset risk management, covering 99% of crypto assets by market capitalization and gathering over 100 billion data points. The integration with Flare will extend support to Flare’s native asset, FLR, providing financial institutions, businesses, and regulators with the necessary tools to identify illicit activities such as money laundering, sanctions evasion, and terrorist financing. This partnership aims to enhance security and transparency in the crypto space.

FAQ

What is Flare?

Flare is a blockchain platform for data that aims to enhance the functionality and scalability of decentralized applications.

Who is Elliptic?

Elliptic is a global leader in crypto asset risk management, providing advanced tools and insights to identify illicit activities in the crypto space.

What are the benefits of the Flare and Elliptic partnership?

The partnership between Flare and Elliptic strengthens security and regulatory compliance in the blockchain industry. The integration of Elliptic’s risk management tools into the Flare network offers real-time wallet and transaction screening for decentralized applications, helping to identify illicit crypto activities and reinforce the integrity of crypto transactions.

How does Elliptic’s wallet screening solution work?

Elliptic’s wallet screening solution enables users to perform due diligence by assessing crypto wallets before transactions occur. This tool helps organizations prevent money laundering, comply with sanctions, and combat fraudulent activities.

What does the partnership aim to achieve?

The partnership between Flare and Elliptic aims to enhance security measures and regulatory compliance in the blockchain industry. By integrating Elliptic’s risk management tools, the partnership aims to identify and prevent illicit activities such as money laundering, sanctions evasion, and terrorist financing, making the crypto space safer and more transparent for all stakeholders involved.


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