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Santander tests tool to track cryptocurrencies

The UK division of the Spanish-based bank Santander has in recent days tested the Discovery solution, which may be able to track cryptocurrencies. According to the company that develops the solution, Elliptic, the bank would have conducted a pilot test last Tuesday (22). Thus, Santander hopes that the tool will help the bank to identify suspicious activities involving cryptocurrencies. As bank customers deposit and withdraw amounts from their accounts to carry out transactions with cryptocurrencies, the bank believes it is indirectly exposed to the Bitcoin market. With Discovery, Santander could assess whether there is risk in these transactions, which could curb crimes committed by its account holders. This unique tool is able to detect and assess the risk of 200 cryptocurrency brokers that are already connected to its interface. Solution is already used by several financial institutions in the world In a press release, Elliptic states that its solution is already used by large financial institutions around the world, which are concerned with protecting themselves from possible risks related to the cryptocurrency market. The company's CEO, Simone Maini, said the pilot with Santander demonstrates the company's commitment to helping large institutions understand more about the cryptocurrency market. Based on the text by: Gustavo Bertolucci Mark 2 friends in the comments!

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