London-based blockchain analytics company Elliptic raised $120M led by One Peak Partners at a $670M valuation; the platform screens 1B+ transactions per week
Blockchain analytics firm Elliptic Enterprises Ltd. has raised $120 million in a new funding round backed by Deutsche Bank AG …
Context & Ripple Effects
Elliptic’s new round follows earlier financings of $23M in 2019 and $60M in 2021, extending a multi-round buildout of its transaction-tracing business. Its scale claim—screening more than 1B transactions weekly—comes as the company has reported rising cross-chain criminal and high-risk activity.
The funding also lands in a category where Chainalysis previously raised successive $100M rounds at a valuation above $2B, indicating that blockchain analytics has developed into a distinct, capital-intensive compliance and investigations market rather than a narrow crypto-services feature.
First-order effects
- Elliptic gains $120M to expand its blockchain-screening and tracing platform, while One Peak Partners and Deutsche Bank become more directly tied to the company’s growth.
- The round gives Elliptic additional resources to address cross-chain risk areas it has tracked, including hacks, scam marketplaces, and money-laundering activity.
Second-order effects
- Chainalysis and other blockchain-analytics providers face stronger pressure to demonstrate broad transaction coverage and cross-chain capabilities as Elliptic adds capital.
- Financial institutions and crypto businesses evaluating transaction-monitoring vendors gain a better-funded independent option, potentially increasing competition for compliance deployments.
Third-order effects
- If high-risk activity continues to move across chains and through scam-service networks, blockchain analytics is likely to become a more embedded layer of financial-crime controls for institutions interacting with crypto.
- The participation of a major bank points toward closer alignment between traditional finance and specialized blockchain-risk vendors, though sustained demand will depend on institutions’ crypto exposure and enforcement needs.
The trend: Blockchain analytics is evolving from a crypto-native investigative tool into compliance infrastructure for monitoring increasingly cross-chain financial risk.