XLM Transaction Monitoring System
The leading provider of crypto-asset risk management solutions for crypto businesses Elliptic has partnered with Stellar to launch the world’s first XLM transaction monitoring system.
Through this partnership, stablecoins and other Stellar-based assets will be added to the platform of Elliptic, and also Stellar’s digital currency XLM will get support from Elliptic’s monitoring and analysis software.
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To bring safety to the Stellar blockchain network
According to the press release by Stellar, the XLM transaction monitoring and wallet screening system has been developed to make the Stellar blockchain network more safe and secure.
Elliptic will provide services to crypto businesses and financial institutions so that they can identify illegal activities happening on the blockchain platform such as money laundering or other fraudulent activities.
Elliptic CEO Simone Maini commented on the partnership and considers this partnership very beneficial for crypto businesses as they can accomplish their compliance needs and requirements. Maini commented:
“This partnership will help businesses fulfill their compliance needs when building on top of this powerful network. As regulations mature, it will become increasingly important for crypto-asset issuers and platform developers to enable their users to stay compliant if adoption is to grow. The Stellar Development Foundation has been ahead of the curve in working with Elliptic on this.”
‘Elliptic sets the global standards’ to prevent criminal activity
The CEO and Executive Director at the Stellar Development Foundation, Denelle Dixon also shares his view on this development. Dixon is of the view that Elliptic plays an important role in preventing criminal activity from the industry as it sets the global standards. It detects and chases the illicit activity or criminal activity.
Adding more to it, Dixon says that both Elliptic and Stellar are collaborating with each other to empower financial institutions and cryptocurrency businesses as Dixon stated:
“Combining their services with the built-in compliance functionality of the Stellar network, we are empowering crypto businesses and financial institutions with stronger tools to manage risk and operate with transparency and accountability.”
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