Blockchain analytics firm Elliptic announced Monday that it is developing a new data product focused on institutional crypto traders.
To that end, Elliptic has set up a new “market intelligence unit,” headed by its co-founder James Smith. The unit, Elliptic’s second business line after its primary blockchain analytics offering, will offer on-chain data to crypto traders.
“Elliptic is taking its best in class on-chain identity data to provide insights to crypto traders seeking alpha,” Smith told The Block. “Crafted over seven years, our broad asset coverage can provide a unified view on crypto activity such as exchange flows, clustered active and new users in both real-time and over historic time-horizons.”
Elliptic says its dataset includes over 20 billion data points and covers 148 crypto assets, representing 98% of the global trading volume. On-chain data insights will help crypto traders gain a competitive advantage, according to Elliptic.
The firm is working with investment banking research teams, crypto trading desks, and hedge funds to develop the product, said Smith, adding that the product will be launched publicly later this year.
Elliptic is currently in a proof-of-concept stage for the product with several undisclosed crypto research and trading desks.
The new product announcement comes a few months after Elliptic raised $60 million in a Series C funding round by Evolution Equity Partners, with participation from SoftBank Vision Fund 2, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, and others.