The financial institution has grown its standing to a degree that Diem, Facebook’s cryptocurrency undertaking, chosen Silvergate to be its unique issuer of stablecoin, the Diem USD, in preparation for a pilot.
Silvergate Bank has built-in Elliptic’s cryptoasset risk management and blockchain analytics into its platform to serve extra digital asset providers suppliers (VASPs) and different crypto companies.
The Elliptic Lens, which screens prospects earlier than opening accounts, and the Elliptic Discovery, which assesses monetary crime risk when partaking with digital forex exchanges, can be used as worthwhile instruments for the financial institution’s risk-based compliance framework
Silvergate Bank launched its digital forex initiative in 2013, and since then it has amassed 1,100+ digital forex and fintech prospects.
The financial institution has grown its standing to a degree that Diem, Facebook’s cryptocurrency undertaking, chosen Silvergate to be its exclusive issuer of stablecoin, the Diem USD, in preparation for a pilot.
By automating risk screening at VASP and pockets ranges, Silvergate can proceed to scale its enterprise, ship an environment friendly buyer onboarding expertise, and handle the rising value of compliance because the business demand for banking providers accelerates.
Kate Fraher, COO of Silvergate, stated: “Most banks take a one-size-fits-all stance on the subject of crypto companies deeming them too dangerous to financial institution. This is a slender view because the digital forex business continues to develop. Applying rigorous controls to risk-based KYC and due diligence is feasible by means of the depth and accuracy of risk publicity knowledge that Elliptic offers on crypto companies.”
Simone Maini, CEO of Elliptic, commented: “Silvergate Bank has at all times had the foresight to allow innovation in monetary providers,offering entry to banking providers for fast-growing fintech and crypto companies that want capital and accounts to function their companies. Silvergate is aware of that is essential to the general growth and maturation of crypto because it mainstreams.”
“Silvergate’s banking options are supported by a deep-rooted dedication and proprietary method to regulatory compliance strengthened by Elliptic’s crypto risk knowledge and insights. By having a method to assess a buyer’s risk publicity to crypto, Silvergate could make risk-based choices in keeping with its insurance policies and controls so it could actually confidently onboard new crypto prospects”, Ms. Maini continued.
A possible digitized world financial system is prone to have monetary establishments counting on options like Elliptic Discovery to evaluate monetary crime risk when partaking with crypto exchanges, custodians, and different crypto asset companies.
The resolution drills right down to display crypto wallets in real-time to uncover hyperlinks to cash laundering, terrorist financing, and sanctioned entities when onboarding prospects or to assist ongoing due diligence.