- Flare Network has partnered with Elliptic to enhance its ecosystem’s risk management.
- This collaboration marks one of the many Flare has inked recently to expand its ecosystem.
Top Layer-1 blockchain Flare Network has inked a strategic partnership with Elliptic, a crypto asset risk management firm.
According to a press release shared with Crypto News Flash, the collaboration is geared towards the integration of Elliptic’s transaction and wallet screening capabilities into the Flare Network ecosystem. Beyond integrating some of the Elliptic’s tools into Flare, the alliance holds several benefits for Flare users, especially developers.
Highlighting the Flare Network and Elliptic Partnership Benefits
Through the Elliptic partnership, the different organizations that utilize Flare network to build Decentralized Applications (DApps) will be granted easy access to Elliptic’s real-time wallet and transaction screening tools which can be used to spot phishing links and other resources used by bad actors.
Hugo Philion, the CEO and co-founder of Flare noted that the provision of data to developers as a public good opens the door to numerous potential blockchain use cases and monetization models. Furthermore, he acknowledged the partnership with Elliptic as one that will help the firm “deliver a highly secure environment for dApp builders, bringing further confidence and credibility to the Flare blockchain while protecting network participants.”
Markedly, Elliptic is a recognized global leader in terms of crypto asset risk management and most of its tools indirectly enhance security for other protocols. Its wallet screening solution is a tool that provides easy and accurate due diligence on cryptocurrency wallets prior to the completion of any transaction. Doing so helps to curb the occurrences of money laundering and protect organizations from the activities of cybercriminals.
Also, it operates a system that ensures organizations are in full compliance with sanctions from different regions. Ultimately, the Elliptic wallet screening solution is targeted at combating fraudulent activities in the crypto ecosystem. The transaction screening tool also resembles the wallet screening solution as it is largely focused on mitigating the activities of cybercriminals.
Elliptic’s transaction screening tool runs as a fully automated system that monitors real-time transactions while checking for anti-money laundering compliance. Its operation is like that of a tracking device that monitors and traces the movement of crypto funds across several blockchains and assets.
With this strategy of blockchain “stalking”, transactions and accounts linked to terrorist financing are easy to identify. Organizations that are trying to evade sanctions through the use of digital assets or participate in other illicit activities are singled out through the use of the Elliptic transaction screening solution.
Flare native token FLR also stands to enjoy support from Elliptic’s monitoring, compliance, and analysis software.
Flare Bags Numerous Collaborations
Flare Network has been hitting different collaborations for the better part of the year in its bid to expand its ecosystem. Noteworthy, the collaboration with Elliptic is one of the numerous achievements on record by the protocol in the past few weeks.
In September, Flare partnered with Arkham Intelligence to enable its users to perform numerous functions on the platform. In addition, Flare is a known ally of blockchain payments firm, Ripple Labs establishing itself as one of the key projects in the crypto ecosystem
These partnerships are accompanied by promising product launches, one of which is the debut of public staking, and the shift to Flare Staking Phase 2.
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