London - based sting , a Bitcoin surveillance start - up that uses AI to scan the cryptocurrency network and detect potential money laundering , has raised $ 5 m ( £ ##60 m ) from private equity group venture Capital , Santander and venture capitalists Octopus ventures . Called a " game - maker for blockchain , " the company has already processed around $ 2bn in cash and plans to sell its software to large banks and corporations in the US .
London-based Elliptic, a Bitcoin surveillance start-up that uses AI to scan the cryptocurrency network and detect potential money laundering, has raised $5m (£3.5m) from private equity group Paladin Capital, Santander and venture capitalists Octopus Ventures. Called a "game-changer for blockchain," the company has already processed around $2bn in transactions and plans to sell its software to large banks and expand in the US.