Fraudulent and suspicious activity identified by Wirex will now feed into Elliptic's database
LONDON, May 24, 2019 /PRNewswire/ -- Wirex and Elliptic have strengthened their collaboration in order to reduce the risk of cryptocurrency fraud and money laundering. The new remit solidifies the relationship between the two companies as Wirex becomes Elliptic's first partners to proactively contribute data on fraudulent accounts.
Borderless payments platform Wirex and Elliptic, the leading cryptocurrency compliance provider, have been working together since 2016 to help counter and prevent money laundering and other illicit uses of cryptocurrency. Users of Elliptic software will benefit from this enhanced collaboration as Wirex red-flags wallet addresses associated with illegal and suspect activity. This paves the way for a new data model built on industry-wide collaboration and best practice, ultimately reducing the risk of fraud and promoting the benefits of cryptocurrencies to a wide audience.
Wirex offers consumers and businesses secure, multi-currency accounts to manage digital and traditional currencies, make fast and efficient domestic and international payments and spend cryptocurrency in day-to-day life using the Wirex Visa card.
By bridging the gap between digital and conventional payments, Wirex is able to identify fiat-based financial crimes, such as stolen credit card details, that ultimately lead to cryptocurrency wallet addresses being used for money laundering. Fraudulent or suspicious behaviours are now fed directly into Elliptic's dataset of high-risk actors in cryptocurrency.
Elliptic has assessed risks for transactions worth several trillion dollars, enabling cryptocurrency exchanges, brokers, banks and other financial institutions across the world to prevent illicit activity and provide secure and trusted services.
Pavel Matveev, CEO and Co-Founder at Wirex said:
"We have entered a new age in which conventional regulated financial frameworks and the new token economy must coexist. By uniting the existing and future financial ecosystem, Wirex occupies a unique position in the industry - we believe it is our duty to deliver innovation and choice to our customers whilst ensuring the security of their money and data. We are delighted to work with Elliptic and contribute to creating a safer environment for all."
James Smith, CEO & Co-Founder of Elliptic said:
"The cryptocurrency community continues to work collaboratively with innovative approaches to strengthen security across the industry. Our new working arrangement with Wirex will play a significant role in helping cryptocurrency become more trusted and commonplace. This enhanced partnership is yet another milestone for companies working together with this shared purpose."
Elliptic's co-founders are driven by a belief that cryptocurrencies will play a vital role in building an open financial system, and that it will transform the way that people do business.
To ensure that these opportunities can be explored to their fullest, illicit activity in cryptocurrencies must be identified to prevent criminals from undermining the trust that is so essential to any system. This is Elliptic's focus, and the firm brings trust to the industry by enabling businesses to prevent criminal activity and provide safer services. Solving this problem is not just innovative; it is fundamental. It is our contribution to the continued growth and transformative power of the cryptocurrency ecosystem.
Wirex Limited is a UK-based, FCA-regulated digital payment platform. It offers consumers and businesses crypto and traditional currencies accounts for domestic and international payments. Wirex launched the world's first Visa card that allows users to convert and spend cryptocurrencies wherever Visa is accepted. The company now supports 9 cryptocurrencies and 10 traditional currencies, boasts over 2 million users and has processed more than US$ 2bn of transactions.