Seriously Tracking Bitcoin, Wells Fargo Boosts Investment of $5 million US dollars

Seriously tracking Bitcoin transactions accurately, Wells Fargo boosted investment in the blockchain company. Through its subsidiary Wells Fargo Strategic Capital, the third largest bank in the United States injected $ 5 million (around Rp68 billion) into the Elliptic company.

One of the shareholders at Wells Fargo is Warren Buffett, with 378 million shares, valued at more than US $ 19 billion. Warren Buffet is also notable for his sarcastic remarks, that "Bitcoin is Poison Poison".

Even recently, Buffett received 1 Bitcoin from Justin Sun, Founder of the Tron Foundation at a dinner.

With such a large fund, Elliptic has ambitions to expand its reach in Asia. One of the superior products is "Discovery" which was launched recently.

Discovery is claimed to help many banks to decide which crypto asset exchanges are worthy of partnership as business partners.

Discovery contains a number of quality variables, which are the crypto asset exchanges that do not run into regulations regarding money laundering and the financing of terrorist organizations.

"At present, most banks cannot distinguish between the crypto asset market that meets the requirements and which poses a risk of money laundering or the risk of sanctions. Discovery allows them to take a risk-based approach and use our insights and data to identify crypto exchanges that are worthy of being partners, " said Tom Robinson of Elliptic.

Wells Fargo was the first US bank to invest in Elliptic. Last September 2019, Japanese SBI Holdings entered with US $ 23 million in funds, including a Spanish bank, Santander. Investment from Welss Fargo adds Elliptic funds to US $ 40 million.