The partnership sees the SDF calling on Elliptic’s crypto risk expertise for businesses and financial institutions based on Stellar blockchain, SFD director of communications Lauren Thorbjornsen told Cointelegraph in an April 30 email.
The Stellar Development Foundation, or SDF, a non-profit tasked with fostering Stellar’s network growth, unveiled new ties with crypto risk-management operation, Elliptic, on April 30.
“These services are live and available for businesses on the network today as Elliptic launched the world’s first Stellar network transaction monitoring system,” she said.
What does it all mean?
Essentially, Elliptic now brings Stellar-based businesses the ability to track suspicious and fraudulent activities, such as transactions, adding transparency for criminal prevention and regulatory requirements.
“The integration also enables the rapid addition to Elliptic’s platform of other Stellar-based assets such as stablecoins supporting the wider ecosystem,” Thorbjornsen added.
Elliptic adds wallet examination and XLM tracking potential to Stellar’s camp, an April 30 statement from the SDF detailed.
The move helps regulation?
Over the last several years, the blockchain industry has seen an influx of regulation, particularly in the U.S. As governing bodies expand customer verification requirements, related businesses in the sector must also equip themselves with the right tools to facilitate those requirements.
Stellar sees the collaboration as a way to stay on top of regulation that is sure to continue across the industry in the coming days. “It’s an important step for crypto businesses and financial institutions built on the Stellar network to have ready access to transaction monitoring services,” Thorbjornsen said, adding:
“These tools, combined with the built-in compliance functionality of the Stellar network, equip our users with stronger tools to manage risk and operate with transparency and accountability. Elliptic also works closely with law enforcement agencies to assist in identifying and disrupting criminal behavior.”
What does ‘exclusive partnership’ mean in this instance?
As the term ‘exclusive’ can take on multiple meanings, Thorbjornsen clarified what the partnership details in this instance. “Elliptic will be the preferred provider of the Stellar network,” she said, adding,
“SDF worked with Elliptic to build the infrastructure and complete the technical integration with the Stellar network, so new and existing businesses on Stellar are now able to use Elliptic’s market-leading services for their compliance needs.”
Last month, the SDF also unveiled a donation solution that matches U.S. dollar donations with an equivalent amount of XLM.
Steemit Sets Up Shop on Tron Network
The companies announced Friday that Tron and Steem developers will jointly be looking into migrating Steem products and users to the Tron network, and ultimately swapping the STEEM token for a new Tron-based version.
No timeline for this migration was presented.
Steem, which was originally founded by Dan Larimer and Ned Scott, claims to have more than one million users, according to a press release.
“Steemit is the original conception of forums meeting cryptocurrency to achieve mass adoption – where cryptocurrency could be distributed as easily as ‘likes’ and ‘upvotes’ and this high powered distribution mechanism would bring adoption and appreciation to the currency and the social network,” said Scott, described in the release as the former CEO and chairman of Steemit.
A Steemit user predicted the move early Friday after Scott shared a promotional tweet by Tron founder Justin Sun.
Steem’s announcement comes the same day VOICE, the new social media network backed by Larimer, launched in beta on a custom EOSIO network.