LONDON (Reuters) – Cryptocurrency analytics firm Elliptic said on Monday it had raised $60 million from investors including SoftBank and Wells Fargo Strategic Capital, the latest blockchain analytics firm to attract mainstream investment.

With larger investors warming to cryptocurrencies, blockchain analysis and data firms such as Elliptic are in greater demand, in part due to growing regulatory scrutiny on a sector fraught with compliance headaches such as illegal use of digital tokens ADVERTISEMENT -

U.S. blockchain data platform Chainalysis said in June it had raised $100 million at a valuation of $4.2 billion, aiming to widen its coverage of crypto assets.

London-based Elliptic said the Series C round was led by Evolution Equity, with the SoftBank Vision Fund 2 investing for the first time. Other new investors include Japan’s SBI Group, Elliptic said in a statement, without disclosing its valuation.

Elliptic, established in 2013, tracks the movement of cryptocurrencies on blockchain – the technology underpinning them – to help financial crime compliance.

It plans to invest in its global network and team, as well as continuing research and development, it said.

Elliptic’s clients include traditional financial firms, fintech and crypto companies, as well as government agencies. Two-thirds of crypto volume worldwide passes through exchanges that use the firm’s software, it said.

“This fundraising round is an endorsement of the opportunity for cryptoassets in the financial industry,” said CEO Simone Maini.