Elliptic, a leading crypto risk management solutions provider, has launched a blockchain analytics product that is aptly named Holistic Screening.
The company has a history of pioneering risk and compliance solutions for the crypto world. Holistic Screening, its latest offering is equally cutting edge.
Cross-chain bridges are unregulated. While they are a legitimate means for the transfer of crypto assets between blockchains, they can also be misused for criminal activities.
Elliptic’s extensive research shows that millions of assets pilfered from crypto exchanges and DeFi services have been laundered in recent times.
This is where Holistic Screening brings a difference as now the crypto industry can screen transactions across such interoperable blockchains with ease.
Holistic Screening operates using Elliptic’s analytics engine called Nexus which uses the company’s proprietary database to create a singular financial network. This network is built by combining data on all blockchains and assets that make up the crypto ecosystem.
Nexus uses APIs and is able to automatically screen transactions against the entirety of Elliptic’s data and provide risk scores.
Holistic Screening will allow the cryptocurrency community to apply a risk-based approach by giving compliance teams a comprehensive picture of their risk exposure.
As cryptocurrency regulations evolve, compliance teams can rest assured that Holistic Screening already factors this in. So, demonstration of compliance with regulatory expectations becomes easier.
The product is scalable and customizable. It saves time by eliminating laborious manual investigations of complex transactions.
This gives businesses the distinct advantage of real-time risk identification, evaluation, and resolution capabilities.