Komainu plans to store digital currency seized by British police

Komainu's service contract
  • Komainu recently signed a service contract with the Derbyshire Police Station 
  • This will enable secure storage of cryptocurrencies seized during the process of investigation
  • The British police commented that the contract would help the cybercriminal teams to trace and prosecute criminals 

Komainu recently suggested a solution to store crypto assets of various institutions and firms. As a result, the British police were taken on board. This deal ensured that the enterprise would be storing the crypto assets that were seized in the investigations.

Komainu’s service contract

A British cryptocurrency investment company, CoinShares, along with Japan’s Nomura Holdings, co-founded the hybrid custodian venture Komainu. The cryptocurrency wallet company Ledger is also a co-founder of the respective project.

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Komainu recently signed a service contract with the Derbyshire Police Station. This authority represents the British police cybercrime program. It will facilitate advanced custody along with solutions regarding security issues. This will enable secure storage of cryptocurrencies seized during the process of investigation.

Once the contract bidding is concluded, the facilities will be enabled. Henceforth, all the law enforcement agencies, namely all English and Wales police, Scottish police, and the Northern Ireland police, can access Komainu’s storage solution.

Statements from respective parties involved

The British police commented that the contract would prove to be a significant step in the work process. It will help the cybercriminal teams to trace and prosecute criminals and bar their income through crime.

The co-founder and CEO of Komainu, Jean-Marie Mognetti, stated that he feels privileged to be a part of such a process. It is essential to investigate criminals who misuse cryptocurrency’s anonymous features for corrupt purposes. 

Jean-Marie further explained that Komainu would facilitate safe cryptocurrency custody. Alongside, services of CoinShares will be used to ensure the liquidity of the seized assets as required. Moreover, he emphasized that such a deal will be needed by other government agencies too in the coming future.

Compound custody of “Komainu”

Komainu is an amalgamation of hybrid custody. It facilitates support for multi-assets, regulatory compliance, and insurance with a singular solution. In June 2020, its custody service was acquired for CoinShares Capital Markets, established by CoinShares as a diction for trading in August.

Thus, it will be interesting to see how the crypto market responds to the decision. Especially when Chainalysis, a US blockchain analysis company, launched a project with similar services in November 2020.

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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