Elliptic, a bitcoin startup, has developed software that can trace the origins of bitcoins.
The software from Elliptic can track how bitcoins have moved around in transactions, which is typically a hard thing to find out. This means that holders of the digital currency would be able to know if their wallet contained currency from shady dealings, reports Business Insider.
Elliptic’s software could finally lead to banks accepting bitcoins. The company plans to release an API for it later this year and five banks are already interested in it. The startup hopes that this will help the virtual currency step into the world of legitimate business, Business Insider notes.
Elliptic’s tool for tracking bitcoins is called “The Bitcoin Big Bang”. It allows users to track the history of the virtual currency all the way back to its founding in 2009.