Silvergate Bank & Elliptic Partner to Automate KYC for Crypto Firms

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Elliptic, a leading provider of crypto asset risk management and blockchain analytics solutions, announced that Silvergate Bank, the leading provider of financial infrastructure solutions and services for the growing industry digital currency, has integrated crypto asset risk management and blockchain analytics into its platform to serve more Virtual Asset Service Providers (VASPs) and other crypto companies.

The collaboration supports Silvergate’s risk-based compliance framework through Elliptic Lens, which screens clients before opening accounts, and Elliptic Discovery, which assesses financial crime risk when engaging with exchanges of digital currencies.

“Most banks take a unique stance when it comes to crypto companies, deeming them too risky to bank. This is a narrow view as the digital currency industry continues to grow. Applying rigorous controls to risk-based KYC and due diligence is possible thanks to the depth and accuracy of risk exposure data provided by Elliptic on crypto firms, ”said Kate Fraher, COO of Silvergate.

Since 2013, when it launched its digital currency initiative, Silvergate has accumulated over 1,100 digital currency and fintech customers. By automating risk screening at the VASP and portfolio level, Silvergate will continue to grow its business, deliver an efficient customer onboarding experience, and manage rising compliance costs as the demand for banking services grows. accelerated.

“Silvergate Bank has always had the foresight to enable innovation in financial services, providing access to banking services to fast-growing financial technology and crypto companies that need capital and accounts to operate their businesses. Silvergate knows this is critical to the overall development and maturation of crypto as it becomes mainstream, ”said Simone Maini, CEO of Elliptic.

“Silvergate banking solutions are backed by a deep commitment and proprietary approach to regulatory compliance enhanced by Elliptic’s crypto risk data and insight. By having a means of assessing a client’s risk exposure to crypto, Silvergate can make risk-based decisions in accordance with its policies and controls so that it can confidently integrate new crypto clients, ”added Simone Maini.

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