The Stellar Development Foundation, or SDF, a non-profit organization tasked with fostering the growth of Stellar’s network, unveiled new ties with the operation of crypto-risk management, Elliptic, adding to Stellar-based businesses transparency capabilities.
The partnership sees the SDF calling on business and financial institutions’ crypto-risk expertise for Elliptic based on Stellar blockchain, SFD communications director Lauren Thorbjornsen said.
“These services are live and available for businesses on the network today as Elliptic launched the world’s first Stellar network transaction monitoring system,” she said.
Essentially, Elliptic now offers Stellar-based businesses the ability to track suspicious and fraudulent activities, such as transactions, adding transparency to criminal prevention and regulatory requirements.
“The integration also enables the rapid addition to Elliptic’s platform of other Stellar-based assets such as stablecoins supporting the wider ecosystem,” Thorbjornsen added.
Elliptic adds potential for wallet exam and XLM tracking to the Stellar camp. The blockchain industry has seen an influx of regulation in recent years, especially in the U.S. As governing bodies expand the requirements for customer verification, related businesses in the sector also need to equip themselves with the right tools to facilitate those needs.
Stellar sees collaboration as a way to stay on top of the regulation that will surely continue throughout the industry in the days ahead.
“It’s an important step for crypto businesses and financial institutions built on the Stellar network to have ready access to transaction monitoring services,” Thorbjornsen said, adding:
“These tools, combined with the built-in compliance functionality of the Stellar network, equip our users with stronger tools to manage risk and operate with transparency and accountability. Elliptic also works closely with law enforcement agencies to assist in identifying and disrupting criminal behavior.”
As the term ‘exclusive’ can take on multiple meanings, Thorbjornsen has clarified in this instance what the details of the partnership are. “Elliptic is the Stellar network’s preferred provider,” she said, adding,
“SDF worked with Elliptic to build the infrastructure and complete the technical integration with the Stellar network, so new and existing businesses on Stellar are now able to use Elliptic’s market-leading services for their compliance needs.”