Elliptic, a London-based firm specializing in cryptocurrency risk management, has announced the integration of ChatGPT, a large language model (LLM), into its research and intelligence operations. The announcement was made on June 1, 2023, marking a significant step in the company’s efforts to enhance its analytical capabilities.
Elliptic has been a pioneer in blockchain analytics, providing tools and services that help businesses, financial institutions, and government agencies uncover illegal activities such as money laundering in the cryptocurrency ecosystem. The company’s solutions leverage a proprietary dataset, which includes over a decade’s worth of data and covers over 97% of crypto transactions by trading volume. This extensive coverage and the company’s large collection of crypto exchange risk profiles have positioned Elliptic as a leader in the industry.
The integration of ChatGPT into Elliptic’s operations is expected to enhance the company’s ability to synthesize and organize intelligence on new risk factors. By employing advanced analytics and machine learning techniques, Elliptic aims to track and monitor transactions across various blockchains more efficiently, identifying suspicious or potentially illegal activity more quickly.
ChatGPT is also expected to augment the efforts of Elliptic’s team, allowing them to focus on improving accuracy and scalability. This integration represents a significant development in Elliptic’s approach to handling the complex and evolving challenges associated with cryptocurrency risk management.
Elliptic’s CEO, Simone Maini, spoke about the company’s commitment to incorporating cutting-edge technologies to enhance its operations. Maini emphasized that the integration of the LLM into Elliptic’s toolkit aligns with the company’s dedication to maintaining high standards in its work:
“We pride ourselves in being on the forefront of blockchain innovation, and incorporating cutting-edge technologies to enhance how we work without compromising the high standards for which we are known is part of our DNA.“
Jackson Hull, CTO at Elliptic, highlighted the potential benefits of integrating ChatGPT. According to Hull, the use of ChatGPT could allow Elliptic to scale up its intelligence capabilities, providing customers with a unique perspective on risk that they can’t get anywhere else:
“Our customers come to us to know exactly their risk exposure. Integrating ChatGPT allows us to scale up our intelligence, giving our customers a view on risk they can’t get anywhere else.“
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