• Flare partners with Elliptic to enhance blockchain security and compliance.
• Integration offers real-time wallet and transaction screening for Flare’s decentralized applications.
• Elliptic’s risk management tools will now support FLR, aiding the identification of illicit crypto activities.

In a strategic move to bolster security and regulatory compliance within the blockchain space, Flare, the innovative blockchain platform for data, has announced a partnership with Elliptic, a global leader in crypto asset risk management. This partnership comes barely three days after the Flare team unveiled a public staking service for FLR token holders, aligning with its transition to a proof-of-stake consensus model 

This collaboration aims to integrate Elliptic’s advanced transaction and wallet screening tools into the Flare network, offering crucial benefits to organizations building decentralized applications (dApps) on the platform.

Strengthening security with Elliptic integration

Flare’s integration with Elliptic marks a significant step forward in enhancing the security of dApps operating on the Flare blockchain. By leveraging Elliptic’s expertise, Flare provides its users with access to real-time wallet and transaction screening tools that can uncover any connections to illicit actors operating in the crypto space.

Elliptic’s wallet screening solution empowers users with precise due diligence capabilities to assess crypto wallets before transactions occur. This tool helps organizations thwart money laundering, comply with sanctions, and combat fraudulent activities, reinforcing the integrity of crypto transactions on the Flare network.

The partnership also introduces Elliptic’s automated transaction screening tool to the Flare ecosystem. This real-time monitoring solution traces the movement of crypto funds across different blockchains and assets, identifying links to activities such as terrorist financing, sanctioned entities, and other illicit behaviour. For dApp developers and users, this integration equips them with a robust defence against crypto-related financial crimes.

Elliptic’s crypto risk management tools

Elliptic, known as a global leader in crypto asset risk management, covers 99% of crypto assets by market capitalization and has amassed over 100 billion data points. This wealth of data allows Elliptic to provide accurate and actionable insights, enabling users to mitigate risks and maintain compliance with regulatory requirements.

The integration also extends to support Flare’s native asset, FLR, offering financial institutions, businesses, and regulators the tools necessary to identify a broad spectrum of illicit activities. These activities range from small-scale fraud schemes to more severe threats like money laundering, sanctions evasion, and terrorist financing.

With this partnership, Flare is making a clear statement about its commitment to secure and regulated dApp development. By providing enhanced security measures through Elliptic’s world-class screening tools, Flare aims to boost confidence, credibility, and user engagement within the Flare community, while ensuring that its blockchain remains a trusted platform for data-driven innovation.

In a world where the intersection of blockchain technology and regulatory compliance is vital, this partnership between Flare and Elliptic brings robust solutions to the table, ultimately making the crypto space safer and more transparent for all stakeholders involved.

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• Source: https://coinjournal.net/news/flare-partners-with-elliptic-for-crypto-risk-management/