The Banker magazine, a Financial Times publication, has awarded London-based Elliptic “Security Project of the Year 2015” for its Elliptic Vault service.
The Elliptic Vault is a custodian banking service aiming to change the way in which blockchain technology is stored and managed.
The Banker Editorial noted:
Elliptic Vault is now the trusted custodian for institutions representing more than $3bn in market capitalisation, making it the most trusted custodian solution worldwide. It is also the first of its kind to be insured by a Fortune 100 insurer and the first in the UK to have received venture capital funding. KPMG also granted it international accreditation.
Projects such as Elliptic Vault could help make Bitcoin more attractive to relatively conventional or conservative financial institutions that still shy away from this new technology and its security issues.
James Smith, CEO and co-founder at Elliptic, added
Bitcoin and other blockchain-based assets operate as bearer instruments – if you lose the key, you lose control of the asset. It is therefore essential that companies using this technology protect their keys in the most secure way possible. Elliptic Vault provides that enterprise-grade security, giving the user confidence that their blockchain assets are safe.
Elliptic Vault solves one of the problems blocking larger institutions from entering the Bitcoin market; they can now be confident that their assets are secure. The Vault was the first in a suite of products aimed at servicing companies who make use of Bitcoin and the blockchain.
Another issue that needs to be addressed is the perceived money laundering risk. For this reason, we have launched a Bitcoin transaction monitoring tool which identifies suspicious activity, raising comfort levels for institutional clients
With the Vault service, Elliptic seeks to address both the asset security and asset monitoring issues, and plans to add more blockchain intelligence services in the coming months.
Backed by Octopus Investments, Elliptic was founded by three PhD-holding technologists, Smith, COO Tom Robinson, and CTO Adam Joyce. The London startup completed a $2 million investment round led by Octopus in June 2014.
The Banker is read in over 180 countries around the world, and is q source of data and analysis for the financial services industry. Its Technology Projects of the Year awards are highly regarded, with fellow winners this year including JPMorgan Asset Management, BNY Mellon, Citigroup and BBVA. The Banker received 270 submissions for this year’s awards.