Elliptic Said It Didn't Sell Coinbase Customers Data

As reported by CEO Dr. James Smith, Elliptic never had access to personal data of users, due to the fact exchanges never provided company with it
05 March 2019   367

The Elliptic company, which provides analytical services in the blockchain field, commented on a recent statement by Coinbase, refuting the information that it was Elliptic who was collecting and disseminating data from clients of the American crypto exchange.

I have been disappointed to see reporting in the past few days which has incorrectly implied that Elliptic is distributing personal information for financial gain. Such comments fundamentally misunderstand the data we analyse, the insight we share with our clients, and the role we play in the industry.

Dr. James Smith

Co-Founder & CEO, Eliptic

According to Smith, Elliptic never had access to personal data of users, primarily due to the fact that its clients in the face of crypto-exchanges do not provide it with it.

The firm is a developer of solutions for “transaction screening” and helps confirm the source or purpose of the funds, but does not require you to transfer data such as user names or addresses to it. In the process of analysis, it relies on transaction hashes, wallet deposit/withdrawal, and cash flow directions. If it is necessary to study the behavior of a particular client, the company creates an identifier that is not associated with his personal data.

Elliptic’s mission is to develop compliance and fraud solutions that enable businesses to fight financial crime in crypto. As a result, any solutions we develop or data that we analyse are only to further this mission.

Dr. James Smith

Co-Founder & CEO, Eliptic

In a conversation with The Block, Elliptic confirmed that she is still a Coinbase partner. According to analyst Mike Dudas on his Twitter, Coalbase no longer works with Chainalysis, a company providing similar services. Chainalysis Operations Director Jonathan Levin, however, said: “It is very important for us to clarify that we do not collect personally identifiable information from the customers of the exchanges. We believe that we can provide confidence in cryptocurrency exchanges by checking their transactions for signs of violations. ” 

Coinbase Revenues to Reach $520M in 2018, Media Says

Additionally, Coinbase UK's revenues grew by 20% last year
18 April 2019   156

The leading US cryptocurrency company, Coinbase, earned about $ 520 million in 2018, and its British subsidiary revenues grew by 20% last year. This is reported by the Reuters.

Despite the collapse of the market, against which many companies were experiencing serious financial difficulties, Coinbase's UK revenue totaled more than 153 million euros ($ 172 million). These data the company filed in the register of legal entities in the UK.

Coinsbase UK executive director Zeeshan Feroz said that his division accounts for almost a third of the company's revenues. Thus, it can be calculated that the total revenue of Coinbase was more than half a billion dollars. At the same time, representatives of the exchange refused to comment on this information.

In addition, according to a PitchBook study, the activity of venture investors has increased dramatically in the cryptocurrency industry. This year they have already invested about $ 850 million.