Elliptic, a cryptocurrency risk management firm, has launched support for privacy tokens Zcash and ZEN, meaning that businesses involved in the cryptocurrency space can bring those assets in, according to a press release.
On top of this, a digital currency trading platform called Genesis, will utilize this transaction platform to “prevent illicit activity in Zcash and ZEN.”
Speaking on the matter is Genesis CEO Michael Moro, who had said:
“At Genesis we provide liquidity to our clients across a broad range of digital assets. As a highly-regulated entity we need to apply the same stringent compliance standards to all assets on our platform. Elliptic’s addition of these new assets enables us to further grow our business by providing the ability to assess risk on transactions and meet regulators’ expectations.”
“By providing blockchain monitoring support for privacy coins such as Zcash and ZEN, regulated financial institutions can now engage with this important class of cryptoasset in a safe and compliant way. This will help to expand access to privacy coins and support the growth of Genesis and other crypto exchanges that wish to expand their asset portfolio to attract new customers.”