Elliptic, a London-based firm that provides forensics and anti-money laundering compliance services to cryptocurrency firms and financial institutions, said it raised $23 million in Series B funding led by Tokyo-based SBI Group with additional funding from Albion VC to help finance its further expansion in the Asian market. 

Elliptic said it plans to open new offices in Japan and Singapore, citing 11-fold revenue increases in the Asian market over the past two years. The funding will also help pay for new product development to support new asset classes, including Facebook's Libra, Line Corp.'s Link and digital currencies from numerous central banks. 

"We believe it no longer makes sense to think of a divide between the crypto economy and the wider financial system," James Smith, co-founder and CEO of Elliptic, said in a company release. "Crypto assets represent new opportunities for financial institutions and as they move forward addressing these, we are here to support them."

Several existing investors contributed to this round, including SignalFire, Octopus Ventures and Santander Innoventures. Tomoyuki Nii from SBI and Ed Lascelles from Albion will join the Elliptic board of directors. 

Cover image courtesy of Elliptic.