LexisNexis, Elliptic Want to Make Bitcoin Safe for Banks

Elliptic, a startup that monitors the bitcoin network for suspicious patterns, has introduced anti-money-laundering data into its service through a partnership with LexisNexis Risk Solutions.

The combined offering is being pitched as a way for banks to comfortably do business with bitcoin exchanges and other companies that deal in the digital currency. Such firms have struggled to get or keep bank accounts in recent years as financial institutions shun various industries and regions perceived as high risks for money laundering — a worldwide phenomenon known as de-risking.

The vendors’ partnership was announced Wednesday amid one of the bitcoin ecosystem’s periodic crises — in this case, the theft of more than $70 million worth of the digital currency from Bitfinex, an exchange in Hong Kong.

Elliptic provides data and analytics services to financial institutions and law enforcement agencies. It was a winner of the Swift Innotribe Start-up Challenge in 2015. LexisNexis Risk Solutions, a unit

Read more ... source: TheBitcoinNews