Moody’s Ratings has embraced the digital asset sector for some time. But Moody’s provides several services beyond ratings, including third party risk assessment such as KYC and anti-money laundering. Now it is partnering with digital asset analytics firm Elliptic to provide a combined solution to screen virtual asset service providers (VASPs).
The new offering will leverage Elliptic’s experience in on-chain assessments of VASP activity across numerous blockchains. This will be combined with Moody’s traditional data sources, such as financial records and regulatory databases. The combined solution aims to help financial institutions, businesses and governments to assess VASP risks.
“Moody’s and Elliptic are coming together to address a burgeoning area of risk — enhancing risk analytics and insights by integrating on-chain and off-chain data,” said Danielle Ferry, Managing Director of Product Strategy, Moody’s compliance and third-party risk management. “Our collaboration sets a new, global benchmark for managing AML compliance between fiat and cryptocurrency and helps address the complexities of an evolving digital economy.”
UK-founded Elliptic has some heavyweight backers. In 2021 SoftBank Vision Fund 2 and Evolution Equity led its $60 million Series C funding, with JP Morgan joining as a late addition. Other investors include Wells Fargo Strategic Capital and SBI Group.
