Sumsub Integrates Elliptic to Strengthen Crypto Wallet Screening and Risk Management
Sumsub has partnered with Elliptic, a global leader in cryptoasset risk management, to enhance its Crypto Transaction Monitoring and Travel Rule solutions. This integration equips Sumsub’s global client base with advanced capabilities to screen cryptocurrency wallets, detect fraud, and assess transaction risks more effectively.
Tackling Rising Crypto Crime with Enhanced Analytics
With blockchain-related crime, including money laundering and fraud, on the rise, this integration comes at a critical time. Sumsub’s Identity Fraud Report 2024 highlights crypto as one of the top five industries most affected by fraud last year. Even the FBI has recently created its own crypto token to target criminals operating in the digital asset space.
By integrating Elliptic’s market-leading blockchain analytics into its platform, Sumsub enables businesses to gain deeper insights into crypto transactions and proactively combat financial crime. The enhanced visibility helps firms protect users and meet evolving regulatory expectations.
“We’re excited to partner with Sumsub to create a stronger shield against financial crime in the crypto industry. As blockchain technology advances, so do the threats it faces, making comprehensive and adaptive tools essential,” 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. This integration not only strengthens fraud detection but also fosters greater transparency and trust in the evolving crypto space, helping firms navigate a complex landscape with confidence.”
Streamlined Integration with Full Data Control
Clients across the blockchain, fintech, and payments sectors can easily link their existing Elliptic subscriptions to Sumsub’s platform using the Bring Your Own Key (BYOK) model. This approach allows them to retain full control over their encryption keys and sensitive data while benefitting from Sumsub’s end-to-end compliance and monitoring capabilities.
The integration also simplifies crypto wallet screening workflows by consolidating Elliptic’s robust functionality within Sumsub’s dashboard, eliminating the need for separate systems and improving operational efficiency.
“This partnership marks a significant step forward for crypto transaction monitoring, as EllIptic is a renowned, leading player in the blockchain analytics space. 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),” said Ilya Brovin, Chief Growth Officer at Sumsub. “At Sumsub, we are committed to fostering trust in the crypto sector. Together with Elliptic, we can provide powerful tools to streamline compliance, mitigate risks, and stay ahead of emerging threats in the sector.”
Key Benefits of the Integration:
- Automated crypto wallet and transaction screening workflows
- Real-time risk assessments powered by Elliptic’s extensive blockchain intelligence
- Deeper investigation tools, accessible via the Elliptic dashboard when needed
- Seamless onboarding for new and existing clients—no need for additional platforms or processes
With Elliptic offering the most comprehensive coverage of cryptoassets and blockchains on the market, Sumsub’s clients are now better equipped to meet regulatory demands and reduce their exposure to crypto-related risks.