A blockchain analysis company which helps financial institutions remain compliant in the cryptocurrency space has raised £44 million.

London-headquartered Elliptic was already backed by banking giants Wells Fargo and Santander – along with Octopus and AlbionVC – and now has investment from Evolution Equity Partners and SoftBank, the world’s largest tech investor.

Writing in a blog on the company’s website, CEO Simone Maini, said: “As an asset class, crypto has grown by more than 10x in five years and is worth $1 trillion. A further 10x of growth lies ahead — and will be driven by businesses keen to shape the future of finance.

“Each of the largest crypto exchanges transact tens of billions’ worth daily. More established institutions are moving in too: Goldman Sachs, Visa, JPMorgan, Wells Fargo, Fidelity, PayPal and Square are all engaging with crypto today. 

“All these companies need to understand when they can let things run — and when they should intervene. Because stopping financial crime is a regulatory requirement and a moral one. A healthy ecosystem is a safe one.”

The firm has developed a range of techniques, from machine learning to infiltration of darknet marketplaces, to build what it terms an ‘identity layer’ for blockchains.

It plans to grow its workforce to more than 200 globally by the end of 2022.