Blockchain Antifraud Startup Chainalysis Partners Europol After Raising $1.6M

19.02.2016

A New-York based startup Chainalysis engaged in AML and fraud countering projects, has announced its forthcoming partnership with Europol, the EU’s top law enforcement agency, Reuters reported.

The agreement between the two parties was concluded Thursday, February 18, 2016. Currently, it is a memorandum of understanding.

“This new collaboration is an important next step in the endeavor to move digital currencies out of the hands of the criminals and into the hands of consumers and blooming commerce,” Michael Gronager, CEO at Chainalysis, stated.

Chainalysis software is said to be capable of defining ‘suspicious activity’, and offers investigative tools to law enforcement agencies for cases related to digital currencies.

Simultaneously, Chainalysis announced it had raised $1.6 million. Participating in the investment round were Berlin-based venture company Point Nine Capital alongside with Techstars, Digital Currency Group, FundersClub, and Converge Venture Partners.

Last November, Europol has posted a job ad seeking an employee skilled in tracking transactions in bitcoin. According to the agency’s latest report, however, there is no evidence linking bitcoin to terrorist funding, so Europol’s primary efforts in virtual currencies realm might be focused on countering money laundering.

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Tags: Chainalysis, Cybercrime, Europol