Difference Between Chainalysis and Elliptic

While blockchain has become very common, its flow is, unfortunately, hard to track. With the availability of crypto in the main chain as well as its increasingly legitimate financial tool used by exchanges and banks, there is a need for these institutions to prove they are not being used to fund terrorism, crime or other illegal activities. For instance, countries such as Japan, Singapore and the USA have passed laws requiring the tracking of the source of the crypto funds. The need for this has led to the development of companies that can be trusted in cryptocurrencies data tracking including Chainalysis and Elliptic. Although both aim at tackling the same problem.

What is Chainalysis?

Founded in 2014 by Michael Gronager, Chainalysis is a company that develops compliance software used to detect and investigate violations and money laundering in cryptocurrency. It has receievd453M in funding and generates an average of $66,7k revenue per employee. Among the funding include $6M invested by Mitsubishi UFJ Financial Group, Japan’s largest bank.  The company is located in New York, and was the first blockchain company ever listed on Forbes under the category ‘’Next Billion-Dollar Startup List’’. 

What is Elliptic?

Founded in 2013 by Adam Joyce, James Smith and Tom Robinson, this is accompanied that specializes in financial services, anti-money laundering software and cryptocurrency exchanges. It also offers law enforcement services by tracking bitcoin terrorist funding through forensics software. The company is based in London. It benefits bitcoin- related businesses and transactions by decreasing the risk factors involved.  It also helps financial institutions meet regulatory compliance. 

Similarities between Chainalysis and Elliptic

• Both offer cryptocurrencies data tracking services

Differences between Chainalysis and Elliptic

Founders

Chainalysis was founded by Michael Gronager while Elliptic was founded by Adam Joyce, James Smith and Tom Robinson. 

Date founded

While Chainalysis was founded in 2014, Elliptic was founded in 2013. 

Headquarters

Chainalysis is based in New York while Elliptic is based in London. 

Products

Chainalysis specializes in the development of compliance software used to detect and investigate violations and money laundering in cryptocurrency. On the other hand, Elliptic specializes in financial services, anti-money laundering software and cryptocurrency exchanges.

Chainalysis vs. Elliptic: Comparison Table

Summary of Chainalysis and Elliptic

While Chainalysis specializes in the development of compliance software used to detect and investigate violations and money laundering in cryptocurrency, Elliptic specializes in financial services, anti-money laundering software and cryptocurrency exchanges. Both offer cryptocurrencies data tracking services and are close competitors. 

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