A blockchain consultancy affiliated with accounting giant Grant Thornton is teaming up with CipherTrace to better track cybercrimes.

Catallaxy, a subsidiary of accounting firm Raymond Chabot Grant Thornton, which itself is a member firm of Grant Thornton International, announced the partnership with the cryptocurrency intelligence firm on Thursday. In a press statement, the company said it would be the first time its auditing solution could directly ingest data from a blockchain analysis firm.

“This new relationship, which combines leading experts in cryptocurrency, blockchain and auditing, creates the next level of innovation in bringing investigative tools to the market,” said Stephen Ryan, COO of CipherTrace, in an emailed statement. 

According to the statement, the joint solution developed by Catallaxy and CipherTrace would also allow investigators and auditors to attribute transactions to high-risk blockchain entities and international virtual asset service providers. Investigators will also be able to identify cryptos transacted through darknet markets or that are the proceeds from crimes like ransomware attacks, thefts and other illicit activity. 

“Investigators working for financial market authorities and various police enforcement groups require tools that cross the bridge between blockchain ledgers and other relevant content out there,” said Michel Besner, Managing Director at Catallaxy. 

In response to emailed questions, Catallaxy said that the primary target market for products developed under this partnership would be entities, “looking for a deeper analysis of their own digital asset transactions,” or firms looking to improve their Know-Your-Customer (KYC) and Anti-Money Laundering procedures. 

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