A crypto intelligence company hired by the US Department of Defense to assess the potential security risk posed by cryptocurrency.
Inca Digital has been tasked by DARPA, the Defense Advanced Research Projects Agency, with creating tools to comprehend how cryptocurrency markets operate and aid in combating the unauthorised uses of digital assets that could be dangerous to national security. DARPA is an independent agency of the United States Department of Defense, headquartered in the Pentagon.
According to Mark Flood, a programme manager with the organisation, “the initiative underway here entails mapping out the cryptocurrency ecosystem in some detail” told to washington post.
Veterans-owned Inca Digital and Inca Digital Federal, a government contractor entity, analyse data from crypto markets, blockchains, news, & social media to provide insight to financial institutions, technological companies, & governmental organisations.
In April, the company disclosed a Series A funding round sponsored by Galaxy Digital and GTS Venture Capital. Wedbush Capital and Menai Financial Group are two other investors.
Many public and private sector organisations, including as the Commodity Futures Trading Commission, cryptocurrency exchange FTX, and brokerage firm Fidelity, are clients of Inca Digital.
The announcement comes as several government organisations examine the cryptocurrency market more closely. The Office of Foreign Assets Control (OFAC) of the U.S. Treasury recently imposed sanctions on Tornado Cash for assisting a North Korean entity in the laundering stolen crypto currency of more than $455 million.