LexisNexis Risk Solutions, global big data, technology and analytics firm, formed an alliance with Elliptic, a blockchain intelligence company, to make the crypto world more transparent for financial institutions.

Currently, law-abiding bitcoin companies struggle to obtain banking services from traditional financial institutions, which are highly regulated and reluctant to deal with cryptocurrency entities due to the "de-risk" banking policy.

Elliptic is offering the tools to investigate if registered users of bitcoin businesses are involved in money laundering, terrorism, drug dealing or any other illegal activity. Elliptic bitcoin transaction monitoring products will be supported by LexisNexis Risk Solutions anti-money laundering data. The partnership is going to help raise the trust of traditional financial companies towards their crypto counterparts.

Elliptic, a winner of the Swift Innotribe Start-up Challenge of 2015, provides analytic services to financial institutions and law enforcement agencies. LexisNexis cooperates with 70% of local governmental bodies and almost 80% of federal agencies in the US and helps the top 50 US banks prevent crime, achieve regulatory compliance and mitigate business risks.

Lyudmila Brus