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France And Austria For Cooperation Agreement To Counteract Crypto Crime

cybercrime

NIGMA Conseil, a French security company, specializing in blockchain technology, has recently signed an agreement of cooperation with the Austrian Institute of Technology, or AIT. The agreement focuses primarily on helping each other track the larger influx of crypto crime. Both of these organizations are working in tandem with the other on the creation of the e-NIGMA platform. e-NIGMA will be created using the technology of AIT GraphSense.

Filling A Developing Niche

The idea of what they are doing isn’t new. They will go into a niche that several startups have started to fill, with names like CipherTrace quickly coming to mind. CipherTrace, in particular, is already providing similar services to a wide range of assets, spread across multiple exchanges. The new possibilities of both tracing and charting the connections between blockchains and their transactions have been made part of the stricter KYC rules that are being implemented. These rules require the tracking of the origins of the coins in particular. The tool itself can serve any form of business that deals with digital assets.

Fabien Tabarly, the CEO of NIGMA Conseil, gave a public statement about the matter. They explained that the synergy that has been created through NIGMA’s team of developers collaborating with one of Europe’s leading academic research institutions had been a significant boost. Tabarly explained that the cooperation was paramount to the implementation of their co-developed tools to help combat financial crimes within the cryptocurrency arena.

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The Need For Tracking

The process of tracking various wallet clusters has become a vital step in the discovery of crypto use within the darknet, as well as monitoring funds that hold dubious origins. With the e-Nigma ecosystem, it will be possible to discover the entities that sit behind the Bitcoin wallets, and further track transactions deemed suspicious.

AIT, in turn, is expanding the general portfolio of both security and data services, thanks to the addition of blockchain security within its arsenal. The Austria-based organization is already advising when it comes to systems engineering, general cybersecurity, physical layer security measures, as well as video and camera analytics.

Changing Of The Times

As the world is slowly starting to add cryptocurrencies into more mainstream formats of use, the need for regulation grows in tandem. The more criminals that are aware of a way to do things illegally, the more crime occurs within the crypto industry. While many decry the falsehood of regulating crypto, with this much exposure, it was inevitable.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.