Blockchain forensics firm Elliptic has just closed a $23 million Series B to step up growth for a crypto risk-management play. The financial services and asset management firm SBI Group was leading the round.

Other participants of the round were AlbionVC and existing investors SignalFire, Octopus Ventures, and Santander Innoventures. Elliptic will use the new capital to expand into Asia. It will be opening new offices in Japan and Singapore. This is because the two countries’ have a “vibrant” cryptocurrency ecosystem and “clear” regulatory framework. However, the new offices will be a base to serve clients throughout the Asia-Pacific region. Moreover, revenues in Asia have increased tenfold in the last 12 months alone.

Apart from this, the funds will also accelerate product development to support the emerging class of asset-backed crypto-assets. This includes Facebook’s Libra, Japan’s Line Corporation’s Link, and central bank cryptos.

Elliptic was started in 2013. The primary aim of this firm is to stop illicit cryptocurrency activities. It has built a piece of anti-money laundering (AML) compliance software. Also, it offers forensic and investigative services so as to detect and prevent crypto crimes.

Currently, over 100 cryptocurrency businesses and financial institutions globally use the firm’s solutions. This year the firm has doubled the size of its team mainly in its London and New York offices as per the source. Recently, Elliptic has developed a new data set. The new set thus detects illicit cryptocurrency transactions.