Cryptocurrency compliance company Elliptic has raised $23 million in a Series B funding round led by Japanese financial powerhouse SBI Holdings.

Elliptic continues to expand in Asia

According to a press release shared with Cointelegraph on Sept. 3, the funding will be used to support continued expansion into Asia, with new offices opening in Japan and Singapore.

The new investment will purportedly accelerate product development to support asset-backed cryptocurrencies such as Facebook’s Libra, Line Corporation’s LINK and central bank digital currencies.

Founded in 2013, the company was established to support the mainstream adoption of crypto assets. One year later, Elliptic launched the world’s first crypto asset transaction monitoring system, making it possible for businesses to safely engage with the emerging asset class.

Support of SBI Holding is pivotal

Co-founder and CEO of Elliptic James Smith said that the company is pleased to have the support of SBI Holdings, who will play an important role in the expansion into Asia.

Smith added that it no longer makes sense to think of a divide between the crypto economy and the wider financial system. He said:

“Crypto-assets represent new opportunities for financial institutions, and as they move towards addressing these, we are here to support them.”

The representative director president and CEO of Tokyo-based SBI Holdings, Yoshitaka Kitao, echoed similar sentiments by saying that he believes cryptocurrencies will play an increasingly important role in the future of banking.

Cointelegraph reported at the beginning of August that Elliptic released the Elliptic Data Set, which was designed to help users identify illicit transactions, as well as transactions associated with money laundering, sanctions violations or terrorist financing.