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CoolBitX and Elliptic Team Up to Offer Crypto Firms Compliance Tools
Elliptic and CoolBitX will provide a package of their respective solutions to crypto firms such as exchanges needing to stay in compliance with regulators.
Updated Sep 14, 2021, 9:33 a.m. Published Jul 21, 2020, 10:41 a.m.
Blockchain security firm CoolBitX and on-chain analytics company Elliptic are now pooling their technologies in a bid to help cryptocurrency firms better meet the demands of regulatory hurdles like the Financial Action Task Force's (FATF) Travel Rule.
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- Announced Tuesday, the two companies will provide a package of their respective solutions to firms such as exchanges or virtual asset service providers (VASPs) under FATF parlance.
- The tools include CoolBitX's Sygna Bridge product, an API-based messaging service enabling crypto firms to privately share data as required under FATF guidance for the world's regulators, issued last June.
- Also included are Elliptic’s on-chain analytic tools designed to help companies comply with anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements from FATF.
- The Travel Rule requires VASPs to record identifying data on senders and receivers of transactions worth over $1,000 and pass the information on to other VASPs.
- CoolBitX CEO Michael Ou said the blockchain and crypto industries were at a “major crossroads,” with the Travel Rule posing a "daunting" challenge for companies.
- The partners' products would help firms avoid the risk of stepping outside FATF's AML and CFT rules, Ou said.
- The crypto industry is now seeing a number of initiatives developing solutions and standards to make it easier for firms to stay compliant as global regulators move to implement FATF's guidance.
Also read: Crypto Exchange Group Eyes ‘Bulletin Board’ System for FATF Compliance: Coinbase Exec
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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U.S. Senate's Crypto Market Structure Bill Gets Messy as Calendar Weighs Down
The White House has shut down proposals, and lawmakers are circulating the Democrats' asks in what had been a close negotiation, revealing 11th-hour pressure.
What to know:
- Democrats shared a response to Republicans outlining their continuing priorities for a crypto market structure bill, which they said was intended to "reach an agreement and proceed towards a mark-up."
- The document laid out concerns with financial stability, market integrity and public officials' ability to trade and profit off of crypto, echoing concerns laid out in a framework Democrats shared in September.
- The Senate is running out of time in the Congressional calendar to hold a markup hearing — a key step toward progressing the bill — before 2025 ends.
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