IRS to support development of cross-chain transaction tracking solution

September 28, 2021

IRS to support development of cross-chain transaction tracking solution

The US Internal Revenue Service (IRS) will fund the development of a cross-blockchain transaction tracking tool from TRM Labs.

In the future, the agency intends to use the information obtained about cryptocurrency inter-network transfers in criminal investigations.

In a statement, the IRS pointed to a unique development called TRM Forensics:

"We are requesting this solution because of its ability to track transactions across multiple networks and its unique methods for visualising cryptocurrencies on different blockchains."

However, grants may also be available to other companies developing similar products.

As a reminder, in June, the IRS requested an additional $32 million in funding to expand its cryptocurrency tax administration capabilities and combat cybercrime.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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