Stellar Foundation, a non-profit firm, revealed its partnership with Elliptic on April 30. Elliptic is a firm that detects all the illegal activities going on in the Bitcoin and Ethereum blockchain network. It provides the crypto risk-management operation and with this partnership Stellar will be able to provide transparency across its network.
All the risk expertise of Elliptic will be used by Stellar Foundation for all its blockchain-based businesses and financial institutions. Lauren Thorbjornsen, Director of the foundation, has said that through this partnership, Elliptic has launched the first transaction monitoring system of the Stellar network. This service is available on the network for all of its businesses.
Stellar Foundation will get crime prevention facility
This partnership with Elliptic is going to provide various facilities, including tracking suspicious activities and adding transparency to the platform. It will also add various Stellar based assets to Elliptic’s platform, including stablecoins and many others. Elliptic has also added measures for the examination or monitoring and tracking XLM.
Through this collaboration, Stellar Foundation is aiming to fulfill the regulatory requirements. All the crypto businesses and financial institutions of this network will be getting all the transaction monitoring services. Elliptic also works with many law enforcement agencies which provide an easy to identify criminal activities. The users of Stellar network will be having various tools to deal with the uncertain risk and manage it properly.
Partnership to build infrastructure and technical integration
As both the firms have mentioned this partnership an exclusive one which means that Elliptic is going to be the chosen provider of the network. Through this partnership, they will be able to build up the infrastructure of the whole Stellar network. Along with this, it will also complete the technical integration with its network. All the businesses both new and existing ones along with the financial institutions can use all the services provided by Elliptic.
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