Chainalysis and Integra Will Track Monero Transactions for US Tax Service
Main page News, US, Monero

The US Internal Revenue Service (IRS) has chosen Chainalysis and Integra FEC to develop tools to track transactions with the privacy-focused crypto Monero.

The IRS announced last month its intention to pay up to $625,000 to any company that can offer it a solution to decipher Monero transactions. A $625,000 contract will be awarded to each of the companies, which means the IRS will spend a total of $1.25M.

The initial payment will be $500,000. If the proposed tools pass the tests and are finally approved, both firms will receive the remaining amount: $125,000 each.

An IRS spokesperson has reported 22 different companies have submitted proposals. The selection process was based on a "comparative analysis." Blockchain analysis tools are widely used in the industry and by regulators. Integra FEC has a multi-million dollar contract with the US Securities and Exchange Commission (SEC) for "other technical consulting services."

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