Elliptic has completed a pilot with major Spanish bank Santander, per a June 22 announcement from the blockchain analytics firm.
The pilot focused on risk assessment of client use of cryptocurrency exchanges. The firms used Elliptic's Discover tool "to help Santander assess its indirect exposure to crypto by flagging and analysing transactions between the bank’s customers and crypto exchanges."
Elliptic did not specify the breadth of the pilot, though its press release quoted CEO Simone Maini in applauding the pilot's success.
Neither Elliptic nor Santander had returned requests for comment as of publication time. The pilot did apparently involve participation from Mouro Capital, a former VC branch of Santander and a continuing investor in Elliptic.
Alongside Chainalysis and Ciphertrace, Elliptic is one of the leading analytics firms focusing on tracing cryptocurrency through the blockchain for illicit use. Unlike the prior two, Elliptic largely shies away from contracting with governments.
However, as major ransomware attacks have put criminal use of cryptocurrency at the top of international priorities, financial services providers will increasingly need to perform due diligence measures on crypto usage to appease regulators.