Coinspeaker
Flare Integrates Elliptic’s Crypto Risk Management Solutions to Fortify DApps against Financial Crimes
Flare, a layer 1 EVM blockchain that provides developers with decentralized permission into data from various chains, and the internet, has announced that they are partnering with Elliptic, a global leader in crypto risk management. The collaboration aims to integrate Elliptic’s robust risk management rules into the Flare network to enhance the security and compliance of decentralized applications.
The partnership will allow Flare dApp developers to benefit from Elliptic’s real-time transaction screening and crypto wallet checks. These solutions are important for identifying illicit activities like money laundering, terrorist financing, and sanctions violations across blockchain networks. Specifically, Elliptic’s wallet checks will enable due diligence on crypto wallets associated with Flare dApps before transactions occur. This can help with knowing who you are dealing with before approving a transaction, thus curbing criminal activities and reducing the risk of carrying out payments that would result in expensive penalties.
The transaction screening will monitor fund flows in real-time to detect suspicious activities involving cryptoassets. Since Elliptic’s software will now support Flare’s native token (FLR), Flare users can comply with regulations and avoid transacting with dangerous entities.
Flare and Elliptic Collaboration Will Increase Trust in Decentralized Solutions
By combining Elliptic’s proven safeguards with Flare’s robust platform, the partners seek to boost trust in decentralized apps. This integration will empower developers to innovate while preventing criminal abuse. As crypto adoption increases, proactive measures to secure ecosystems are important. This forward-thinking collaboration is very necessary toward that critical goal.
Leaders from both firms welcomed the collaboration. Flare’s CEO and Co-founder Hugo Philion agreed that it will strengthen security for dApp developers on the network. He stated:
“By providing developers with data as a public good, we are opening the door to many new potential blockchain use cases and monetization models. Partnering with Elliptic helps us to deliver a highly secure environment for dApp builders, bringing further confidence and credibility to the Flare blockchain while protecting network participants.”
Elliptic’s co-founder James Smith reiterated their commitment to supporting Flare’s mission of enabling secure dApp engagement. He said:
“By supporting the Flare network, Elliptic aims to help the organization in its mission to drive the adoption of safe and secure dApps, increasing their relevancy and encouraging wider engagement with the Flare community and blockchain technology. Our next-generation wallet and transaction screening tools will help make dApps operating on the Flare network safer, more regulation-ready, and better protected from inadvertent exposure to sanctioned entities.”
The partnership aligns with Elliptic’s reputation for exposing financial crimes across trillions in cryptoasset transactions. Their risk tools cover 99% of crypto by market value, ensuring wide utility for Flare’s community. On the other hand, Elliptic solidifies its status as a trusted crypto compliance provider worldwide. Overall, the alliance represents a major milestone for both firms and blockchain security.
