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Difference between Chainalysis and Elliptic
Although the adoption of blockchain technology is on the rise, tracking the volume of its transactions remains challenging. There is a growing need for cryptocurrency exchanges and banks to prove that they are not being used to finance terrorism, crime, or other unlawful activities now that cryptocurrencies are accessible on the main network. Legislation has been passed in some countries, including Japan, Singapore, and the United States, requiring the origin of cryptocurrency payments.
Chainalysis and Elliptic are two companies that have thrived as a result of the need to keep tabs on the market value of cryptocurrencies. albeit they are different approaches to the same problem.
What is Chainalysis?
The developers of Chainalysis' compliance software. Michael Gronager founded the firm in 2014. The program developed by Chainalysis can identify and probe bitcoin sector violations including money laundering. Investment totals $453 million so far, and annual earnings per employee average $ 66,700. Mitsubishi UFJ Financial Group, the largest bank in Japan, was one of the investors and provided $6 million.
The New York-based company made history by being named to Forbes' "Next Billion-Dollar Startup List" as the first blockchain-based company.
What is Elliptic?
This organization provides banking services, develops anti-money-laundering applications, and operates bitcoin trading platforms. Co-founded by Adam Joyce, James Smith, and Tom Robinson in 2013, it officially opened for business the same year. Also, it helps the police by keeping an eye on how terrorists are paying for their operations using bitcoin through forensics software.
The company's main office is in the UK's capital London. It's a win-win since it lowers the barriers to entry for businesses and transactions that deal in bitcoin. It also aids banks in following the rules and regulations that are in place.
Differences: Chainalysis and Elliptic
Both these companies offer data-monitoring services for blockchain and cryptocurrency networks. The following table highlights the differences between these two companies -
| Characteristics | Chainalysis | Elliptic |
|---|---|---|
| Founders | Michael Gronager founded Chainalysis. | Elliptic was started by Adam Joyce, James Smith, and Tom Robinson. |
| Date founded | Chainalysis was incorporated as a business in 2014. | The foundation of Elliptic was laid in 2013. |
| Headquarters | New York is home to the headquarters of Chainalysis. | The headquarters of Elliptic is in London. |
| Products | Developing regulatory frameworks is the bread and butter of Chainalysis. This program is used to track illegal activity and track down perpetrators in the bitcoin sector. | When it comes to banking, anti-money-laundering technologies, and cryptocurrency trading platforms, Elliptic is unrivaled. |
Conclusion
Chainalysis develops compliance software to detect and investigate infractions and money laundering in the cryptocurrency business, whereas Elliptic specializes in financial services, anti-money laundering software, and cryptocurrency exchanges. They are both competitors in the market for cryptocurrency data tracking services.
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