Elliptic and Fireblocks Revolutionize Crypto Compliance for GSR

July 7, 2023
by

Key Takeaways:

  • Elliptic and Fireblocks have partnered to streamline and strengthen compliance practices in digital asset trading and market making for GSR, a prominent crypto market maker and liquidity provider.
  • GSR will leverage Elliptic’s rich API integration with Fireblocks to enhance its risk management program and anti-money laundering (AML) screening capabilities.
  • The integration allows for customizable risk rules and thresholds, enabling GSR to maintain its commitment to robust compliance practices.
  • Fireblocks’ industry-leading compliance suite, combined with Elliptic’s wallet and transaction intelligence tools, provides a streamlined and secure experience for GSR and ensures regulatory compliance in a rapidly evolving landscape.

Introduction:

Elliptic, a renowned blockchain analytics provider, and Fireblocks, a direct custody technology platform, have joined forces to revolutionize compliance practices in the digital asset trading and market making sector. Their collaboration aims to enhance the compliance capabilities of GSR, a global crypto market maker and liquidity provider. By leveraging the combined expertise of Elliptic and Fireblocks, GSR will streamline its compliance processes, bolster its risk management program, and strengthen its anti-money laundering practices.

Advancing Compliance Practices through Strategic Collaboration:

GSR recognizes the significance of maintaining strong compliance practices in the crypto industry. Raj Radia, GSR’s Head of Financial Crime, emphasizes their commitment to AML compliance, stating, “Establishing strong compliance practices has been a crucial part of our business since day one, and we are continually committed to ensuring the transactions we conduct are AML-compliant.”

Through Elliptic’s rich API integration with Fireblocks, GSR will deploy an enhanced compliance workflow tailored to its specific risk appetite. By utilizing Fireblocks’ KYT & AML Screening solution and Elliptic’s wallet and transaction intelligence tools, GSR can efficiently screen deposits and withdrawals, receive alerts based on customizable risk scoring, and define risk thresholds to align with their compliance objectives.

Best-in-Class Solutions for Comprehensive Compliance:

Fireblocks, known for its direct custody platform, serves over 1,800 major institutions and powers digital asset and crypto products for a wide range of entities, including custodians, fintechs, crypto exchanges, payment service providers, brands, corporates, and asset management firms. This extensive reach ensures that Fireblocks’ compliance capabilities are trusted by leading industry players.

The integration between Fireblocks and Elliptic provides customers with a comprehensive compliance solution that combines direct custody and crypto compliance capabilities in one platform. This integration simplifies compliance procedures, reduces costs, and facilitates scalability. By automatically detecting and removing high-risk transactions in real-time, this collaborative effort helps ensure a more secure and trustworthy ecosystem.

Commitment to Trust and Security:

Adam Levine, Vice President and Head of Corporate Strategy at Fireblocks, highlights the importance of compliance in an evolving regulatory landscape. He states, “With the ever-changing regulatory landscape, compliance is top-of-mind for institutions and businesses that are developing digital asset solutions.” The integration with Elliptic allows institutional customers like GSR to have a streamlined experience that protects their day-to-day operations and ensures compliance. This commitment to building a more trustworthy and secure ecosystem aligns with Fireblocks’ mission to provide high-grade solutions that meet evolving regulatory requirements.

David Carlisle, Vice President of Policy and Regulatory Affairs at Elliptic, emphasizes the significance of this strategic integration. He explains that customers like GSR can leverage high-quality data and Holistic Screening to identify and reject risky transactions based on their own customized risk rules. This partnership enables GSR to take control of compliance processes, ultimately contributing to the creation of a more secure digital asset landscape.

Conclusion:

The collaboration between Elliptic and Fireblocks signifies a significant step forward in strengthening compliance practices for GSR, a prominent player in the crypto market making and liquidity provision sector. By utilizing Elliptic’s transaction intelligence tools and Fireblocks’ industry-leading compliance suite, GSR can enhance its risk management program, improve AML screening capabilities, and maintain robust compliance practices.

This partnership demonstrates the commitment of all three entities to advancing compliance standards in the rapidly evolving crypto industry. By leveraging the power of innovative technologies and leveraging best-in-class solutions, Elliptic, Fireblocks, and GSR contribute to the establishment of a secure, trustworthy, and compliant ecosystem. Through this collaboration, GSR aims to ensure regulatory compliance and foster a safer environment for digital asset trading and market making.

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