October 27, 2021

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United States tax authorities are rewarding startups for developing analytics tools for Bitcoin

United States tax authorities are rewarding startups for developing analytics tools for Bitcoin

Last week, the Internal Revenue Service (IRS) released a document on the launch of a blockchain analysis. U.S. tax authorities want to get a better understanding of what are called ‘cross-chain transactions’, for which they are now offering a price to TRM.

Bitcoin en cryptotransacties

The term “cross chain” refers to the payments that take place between two blockchains. Think nuclear exchanges or things like that, where a property is passed from one blockchain to another. A well-known example is WBTC, which is basically Wrapped bitcoin Are offered on Ethereum.

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The two blockchains communicate with each other so that users can continue their transactions on another chain. The September 16 IRS news item refers to these cross-chain payments. They want to gain more insight into this in order to improve the criminal justice process.

The DRM is a party that can provide this analysis, and tax officials are very pleased with it. In Document It says the following:

“There are many sites today to track cryptocurrencies, but the way blockchains work provides unique information for each provider. TRM’s forensic tools offer options that we do not see with other providers.”

“CCU wants to partner with this particular site because of its specific chain analysis and unique ways to track different cryptocurrencies across blockchains.”

The CUU is the cyber crime unit of the tax authorities.

Reward for the start

TRM is the company that raised $ 14 million in the Series-A round this summer. PayPal, among other things, invested in the company. Tax officials want to use the tool to create a start-up, for which they want to provide a reward.

In June it became clear that the IRS was looking for more opportunities to analyze the crypto market. The company is seeking more funding from Congress to hire outside experts.

Earlier this week, the cryptocurrency exchange Coinbase signed another $ 1.36 million deal with the U.S. Department of Homeland Security to use its own analytics software.

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