Chainanalysis Inc., a blockchain forensics firm based in New York, has revealed that a Memorandum of Understanding (MoU) has been signed with Europol’s European Cybercrime Centre (EC3). The collaboration will see Chainanalysis provide EC3 with vital information that will be crucial in their cyber crime prevention efforts.

According to the press release

“The MoU between Europol and Chainalysis on collaboration and information sharing to tackle cybercrime, is an important step which brings cutting edge private sector technology into public efforts in the fight against cybercriminals.”

The company also announced the successful completion of a $1.6 million seed funding round, which was led by Point Nine Capital. The round saw participation from major digital currency investment firm Digital Currency Group, as well as other prominent fintech names such as Techstars, Founders Club and Converge VP.

Digital currencies such as Bitcoin have been associated mainly with cyber criminals and extortionists due to all the negative press in the past several years, but Michael Gronager, CEO of Chainalysis, hopes that his company’s blockchain services can help bring digital currencies into the mainstream.

He says:

“This new collaboration is an important next step in the endeavour to move digital currencies out of the hands of the criminals and into the hands of consumers and blooming commerce.”

European authorities have had a hard time tracking down sophisticated cyber criminals that utilize digital currencies in their schemes, and according to statements made by Steven Wilson, Head of Europol’s EC3, the partnership with Chainanalysis will give EC3 investigators the necessary tools to do their jobs:

“Chainalysis brings a level of expertise that will be of significant benefit to our Europe-wide investigations. I look forward to developing a rewarding partnership that will make the people and businesses of Europe safer online.”

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