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Analyst firm Elliptic announced on Monday that it is developing a new data product aimed at institutional crypto traders.
To this end, Elliptic created a new “market intelligence division” led by its co-founder James Smith. The division, Elliptic’s second line of business after its core blockchain analytics offering, will offer on-chain data to crypto traders.
“Elliptic uses best-in-class online identities to provide information to crypto traders looking for alpha,” Smith told The Block. “Our extensive asset coverage built over seven years can provide a unified view of crypto activity such as exchange flows, grouped active and new users both in real time and over historical time horizons.”
Elliptic says its dataset includes over 20 billion data points and covers 148 crypto assets, representing 98% of global trading volume. Analyzing data on the network will help crypto traders gain a competitive edge, according to Elliptic.
According to Smith, the firm is working with investment banking research teams, cryptocurrency trading teams, and hedge funds to
I’m developing the product, adding that the product will be publicly launched later this year.
Elliptic is currently in a product proof of concept with several undisclosed crypto research and trading desks.
The new product announcement comes just months after Elliptic raised $60 million in a Series C funding round from Evolution Equity Partners involving SoftBank Vision Fund 2, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group and others.
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