Elliptic deepens its ties with major banking groups
London-based Elliptic has secured a strategic investment from HSBC and become the first blockchain analytics firm backed by four global banks: JPMorgan Chase, Santander, Wells Fargo, and HSBC.
Under the agreement, revealed on September 24, 2025, Richard May, who heads financial-crime efforts within HSBC’s Corporate & Investment Banking division, will join Elliptic’s board of directors. The funds will be used to expand its analyst team and financial services offerings, as banks’ demand for digital-asset risk controls keeps rising.
Elliptic’s technology is already used by banks, crypto exchanges, and government agencies to monitor digital transactions and flag potential money laundering, sanctions evasion, and cybercrime. CEO Simone Maini frames the deal as confirmation that major institutions are moving deeper into digital assets and expect scalable compliance and transparency from their partners.
The growth of digital assets in global finance is unstoppable, but it must be built on trust and transparency,Maini noted.
HSBC highlighted the need to track digital-asset flows amid new crypto legislation. The bank says Elliptic’s tools help financial institutions meet regulators’ expectations and industry standards.
For Elliptic, the focus now is on stablecoin controls, integrating AI into compliance workflows, and broadening blockchain coverage so clients can operate across new networks.
Earlier this year, Elliptic launched Issuer Due Diligence, a tool that lets TradFi players assess stablecoin risks before holding reserves. The company is also developing an AI-based pilot that shortens onboarding timelines for banks partnering with crypto firms.
Richard May’s appointment to the board of directors is set to add practical expertise. Until now, the board has been largely “investor-focused,” whereas May brings experience in working with government agencies. For the market, this signals that G-SIB banks are backing blockchain analytics tools not for publicity, but to strengthen risk management and ensure regulatory compliance.
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