Cryptocurrencies have been able to rise by a significant margin in a matter of a few years. Since the crypto boom of 2017, the market has continued to keep up its momentum. But other than the prices for cryptocurrencies, companies who have started working in the crypto space have increased drastically. In fact, blockchain-based companies are also receiving significantly more investment to start their business.
The most recent example of blockchain companies making a lot of money through investments is Elliptic. The blockchain surveillance company revealed that it had managed to raise over $60 million from various investors. While they have yet to disclose how they will be using their funds to expand their business, they did offer more details as to who led the funding and how they managed to make so much money.
Elliptic informed the public that their funding was led by Evolution equity partners along with another company called Softbank vision fund 2. While these may sound like ordinary firms, it is worth mentioning that the Softbank Vision Fund in question here is a product of the Japanese multinational conglomerate Softbank Group Corp. They currently have their headquarters in Tokyo City within Japan.
In a separate announcement, Elliptic also mentioned some of the other companies that have invested in their vision and how they intend to spend the millions they have gathered. Ventures, Octopus, SBI capital, Wells Fargo strategic capital are some of the most prominent names int their list of investors.
Furthermore, Elliptic became more honest about what it plans to do with its money. The said that a great deal of the investment money will be going towards new hires, research and development, as well as to help fuel their plans for global expansion. They believe that their business is something that can benefit a lot of other fintech companies around the world.
One of the most impressive things about Elliptic gathering so much money is that they have been able to do so with rising competition in the market. Make no mistake, there are plenty of other blockchain surveillance firms out there that Elliptic had to weave past to make those investments. It even had to go two to two with its main competition Chainalysis, which was still able to raise over $40 million more than Elliptic through series E investments.
The surveillance niche in the blockchain market is improving considerably and is showing how much the market is changing. And Elliptic has managed to stand the test of time, as it is also one of the oldest firms in the business. And with the way that things are going right now, it will not be hard to see them become a household name in the industry.
