Digital Asset Custodian Komainu to Provide Safe Storage of Crypto Seized by UK Police

Komainu will be responsible for providing police across the U.K. with a more "robust" means to store cryptocurrencies.

AccessTimeIconJan 22, 2021 at 9:23 a.m. UTC
Updated Sep 14, 2021 at 10:59 a.m. UTC

Cryptocurrency seized by U.K. police during investigations will now be securely stored by digital asset custodian Komainu.

Under a new framework service agreement with the Derbyshire Constabulary on behalf of the National Police Chiefs Council (NPCC) Cybercrime Programme, Komainu will be responsible for providing a more "robust" means to store cryptocurrencies seized during investigations across the U.K., according to a press release Thursday.

The Cybercrime Programme is designed to ensure authorities in the U.K. have the necessary tools to respond to cybercrime.

Angela McLaren, assistant commissioner with responsibility for the NPCC economic and cybercrime portfolio, said the Specialist Cyber Crime Units at local, regional and national levels across the U.K. "desperately needed" access to a secure storage solution for cryptocurrencies.

"This collaboration of services will provide UK policing with the infrastructure needed to ensure the efficient handling of criminal cases that involve cryptocurrencies," said McLaren.

Komainu, which won the contract after a successful tender process, will now provide its storage solution to "all police forces in England and Wales, the police service of Northern Ireland, the police service of Scotland, British Transport Police and all law enforcement agencies within the UK," the assistant commissioner said.

Arrangement is expected to increase efficiency and reduce the costs associated with different police forces seeking their own custody solutions.

The procurement contract was supported by Europe's largest digital asset manager CoinShares and Gentium, a U.K. law enforcement consultancy specializing in financial and cyber-related crime.

Komainu, a custodian that offers regulatory compliance and insurance services, is a Jersey, U.K.-regulated joint venture between Nomura Holdings, CoinShares and Ledger that began operations in June 2020.

CORRECTION (Jan. 27, 19:50 UTC): Corrects headline and body to clarify Komainu as a digital asset custodian instead of manager.

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