The Stellar Development Foundation, which also goes by SDF, shared that it has new ties with the cryptocurrency risk management operation called Elliptic. This announcement was made on April 30. Stellar Development Foundation is a nonprofit organization with a task of fostering the growth of the Stellar network. The partnership plans to use Elliptic's cryptocurrency risk info for businesses and banks. It will do this based on the Stellar blockchain, explains Lauren Thorbjornsen. She is the SFD Director of Communications.
Those services are now available for a business that is on the network right now. Elliptic has launched the initial Stellar networking transaction monitoring program in the world. Elliptic now allows a Stellar-based company to track suspicious activities and fraud. This includes transactions. It adds transparent observation for crime watching and regulation.
The integration also allows a rapid addition to Elliptic's platform for other assets. It can include stable coins and support a wide array of blockchain services. Elliptic also adds wallet examinations and the potential to track XLM. Over the past months, the blockchain industry has seen a lot of new regulations. This is definitely the case in the USA. It has to expand verification of customers and have tools to do that.
Stellar's team thinks that the collaboration is a good way to stay on top of regulations. It can make sure that the cryptocurrency businesses and banks on the Stellar network can monitor all of their transactions. Thorbjornsen also added that the tools can be combined with the built-in compliance verification already on the Stellar network. Better tools help with risk management, transparency and accountability. Elliptic also works with law enforcement and assists with the identification and disruption of criminal actions.
Thorbjornsen added that Elliptic will from now on be the liked provider of the Stellar network. It has worked to build Stellar's infrastructure and finish the integration with the network. Elliptic has also set it up so brand-new and ongoing businesses can use Stellar for compliance requirements for the aforementioned new and upcoming regulations. SDF recently announced a donation solution related to XLM for matching funds.