UK police choose service to store confiscated cryptocurrency

Police in Derbyshire (UK) have contracted with custodial service Komainu. The company will provide the authorities with custody services for confiscated digital assets, according to a press release.

Komainu will cooperate with all UK law enforcement services. Assistant Commissioner of Police Angela McLaren said that special units regularly seize cryptocurrency as part of investigations and need to store digital currencies securely.

Phil Ariss, head of the cybercrime programme, told The Block that previous methods did not guarantee the safety of confiscated assets.

“We need a special solution to store them because we are talking about large sums of money,” Ariss said.

In 2018, Japanese investment bank Nomura, hardware wallet developer Ledger and investment firm CoinShares founded institutional investor-focused custodial service Komainu.

Recall that in November 2020, analyst company Chainalysis announced the launch of a programme to help government agencies store and sell confiscated cryptocurrency.