Flare, the innovative blockchain platform for data, has partnered with Elliptic, a global leader in crypto asset risk management, to bolster security and regulatory compliance within the blockchain space. This strategic move comes shortly after the Flare team unveiled a public staking service for FLR token holders, aligning with its transition to a proof-of-stake consensus model.
The integration with Elliptic will provide Flare users with access to real-time wallet and transaction screening tools that can uncover any connections to illicit actors operating in the crypto space. Flare will also benefit from Elliptic’s automated transaction screening tool, which traces the movement of crypto funds across different blockchains and assets, quickly identifying links to activities such as terrorist financing, sanctioned entities, and other illicit behaviour.
With this partnership, Flare is making a commitment to secure and regulated dApp development, ultimately boosting confidence, credibility, and user engagement within the Flare community. Elliptic’s expertise and data coverage of 99% of crypto assets by market capitalization has enabled them to offer accurate and actionable insights, enabling users to mitigate risks and maintain compliance with regulatory requirements.
This collaboration marks a significant step forward in enhancing the security of dApps operating on the Flare blockchain, providing a robust defence against crypto-related financial crimes. In a world where the intersection of blockchain technology and regulatory compliance is vital, this partnership between Flare and Elliptic brings reliable solutions to the table, making the crypto space safer and more transparent for all stakeholders involved.