Flare partners with Elliptic for crypto risk management
Fly partners with Elliptic to enhance blockchain security and compliance. Integration provides real-time wallet and transaction filtering for Flare decentralized applications. Elliptical's risk management tools now support FLR, helping to detect illegal crypto activities.
In a strategic move to strengthen security and regulatory compliance in the blockchain space, Flare, the data-innovative blockchain platform, has announced a partnership with Elliptic, a leader in crypto asset risk management. This partnership comes three days after the Flare team announced a public staking service for FLR token holders, coinciding with its transition to a proof-of-stake consensus model.
This collaboration aims to integrate Elliptic's advanced transaction and wallet verification tools into the Flare network, providing significant benefits to organizations building decentralized applications (dApps) on the platform.
Strengthening security with elliptical integration
Flare's integration with Elliptic is a big step forward in improving the security of dApps running on the Flare blockchain. By leveraging Elliptic's expertise, Flare provides its users with real-time wallet and transaction verification tools that can reveal any connections to illegal actors operating in the crypto space.
Elliptic's Wallet Filtering solution allows users to evaluate crypto wallets with due diligence capabilities before transactions occur. This tool helps organizations thwart money laundering, enforce sanctions, and fight fraudulent activities, strengthening the integrity of crypto transactions on the Flare network.
The partnership introduces Elliptic's automated transaction testing tool to the Flare ecosystem. This real-time monitoring solution tracks the movement of crypto funds across various blockchains and assets, identifying links to activities such as terrorist financing, sanctioned entities and other illegal behaviors. For dApp developers and users, this integration equips them with a strong defense against crypto-related financial crimes.
Elliptical crypto risk management tools
Known as the global leader in crypto asset risk management, Elliptic covers 99% of crypto assets by market capitalization and has collected over 100 billion data points. This wealth of data enables Elliptic to provide accurate and actionable insights, enabling users to reduce risks and comply with regulatory requirements.
The integration extends to providing Flare's native property, FLR, financial institutions, businesses and regulators with the tools necessary to detect a wide range of illegal activities. These activities range from small fraud schemes to serious threats such as money laundering, sanctions evasion and terrorist financing.
With this partnership, Flair is making a clear statement about its commitment to making dApp development secure and regulated. By providing enhanced security measures with Elliptic's world-class filtering tools, Flare aims to increase confidence, credibility and user engagement in the Flare community, while ensuring blockchain is a trusted platform for data-driven innovation.
In a world where blockchain technology convergence and regulatory compliance are essential, this collaboration between Flare and Elliptic brings robust solutions to the table, ultimately making the crypto space safer and more transparent for all stakeholders.
