- The Stellar Foundation signs an exclusive deal with Elliptic
- This new partnership will add transparency capabilities to Businesses based on Stellar
- The collaboration will keep Stellar on top of regulation in the industry
Stellar Lumens News Today – the SDF (Stellar Development Foundation) has unveiled a new partnership. The entity has announced a collaboration with Elliptic. The reports add that the goal of the initiative is to add transparency capabilities to Stellar-based enterprises.
The Stellar Development Foundation, a non-profit entity behind fostering Stellar’s growth, reportedly unveiled the new partnership with the crypto risk-management operation firm, Elliptic, on 30 April. Let us see more details of the collaboration between SDF and Elliptic.
The Partnership will Add Transparency Capabilities to Stellar-based Businesses
The partnership allows the Stellar Development Foundation to call on Elliptic’s digital asset risk expertise for financial entities based on the Stellar Blockchain. The director of communications at the SFD Lauren Thorbjornsen made the below remarks about the arrangement:
“The services are now live and available for businesses to use on the network today after Elliptic launched the first Stellar Blockchain transaction monitoring system.”
This essentially means that Elliptic now offers Stellar-based businesses the capability to track all suspicious and fraudulent actions including transactions. It also adds transparency as a regulatory requirement and for crime prevention. Thorbjornsen added that:
“The integration allows the adding of other Stellar-based assets to Elliptic’s platform. This includes stablecoins supporting the general digital asset ecosystem.”
Elliptic reportedly adds wallet examination and XLM tracking to Stellar.
The Collaboration Will Keep Stellar on Top of Regulation
In the last few years, the Blockchain sector has seen a rise in cryptocurrency regulation, especially in the United States. As lawmakers and regulators expand customer verification, businesses in the Blockchain sector must equip themselves with the necessary tools to facilitate these requirements.
According to the report, Stellar sees the partnership as a way to stay on the loop on regulation. SDF claims that the move is an important step for digital currency-based businesses and financial entities built on Stellar’s network. They will be given access to transaction monitoring services. According to Thorbjornsen:
“These tools, added to the built-in compliance functionality on the Stellar network, will equip users with better and stronger tools to manage risk. They will be able to easily operate with accountability and transparency. Elliptic works closely with law enforcement to assist in the identification and disruption of criminal behavior.”
The collaboration is regarded as an ‘exclusive partnership’ because SDF claims that Elliptic is the preferred provider on the Stellar Blockchain. Last month, the Stellar Development Foundation unveiled a donation solution. This solution matches USD donations with an equivalent sum of XLM.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.