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Australian Crypto-Focused Research Firm Supports Government Rebate And R&D For Bitcoin Entrepreneurs

Last Updated March 4, 2021 4:44 PM
Lester Coleman
Last Updated March 4, 2021 4:44 PM

Interconnected Research (ICR), an Australia-based cryptocurrency research and development provider, recently satisfied requirements to remain registered as a Research Service Provider (RSP). The registration makes ICR the only private company that can ensure companies meet the requirements to claim a rebate of up to 43.5 cents on the dollar through the government’s R&D Tax Incentive program.

An RSP is an organization registered under section 29A of the Industry Research and Development Act of 1986 in Australia. The registration means it has the appropriate scientific or technical expertise and resources to perform research and development on behalf of other companies.

ICR is the only privately-owned company registered by a government body as a research provider specialized in bitcoin and cryptocurrency research.

Companies face challenges with research

Meeting government guidelines to qualify for research poses a cumbersome task for many companies. “We take care of these issues for a company,” Dr. Craig Wright, ICR management director and CEO, told CCN.com.

Australia has been a challenging market for bitcoin. “It is extremely difficult,” Wright said when asked to comment on bitcoin’s acceptance in Australia. “It has been a long game and it is only just starting.”

ICR offers two types of services to bitcoin companies: 1) assistance with qualifying for the 43.5 cents per dollar rebate, and 2) research services and development services.

“We understand cryptocurrency, the underlying technology and the possibilities this technology can provide for the future,” the company noted in a statement to CCN.com. “We offer guidance on cryptocurrency-related products, the protection of intellectual property, (and) provide assistance with patenting and commercialization of startup companies. We encourage start-ups and entrepreneurs to contact us to explore the range of investment and partnership opportunities available in the focus areas of virtual currency and science and information technology.”

ICR provides access to skills and systems that can help drive the uptake of block-chain-based businesses in Australia. In addition, it provides companies access to some of the most powerful supercomputers in the world.

Companies already claim research rebate

Wright told CCN.com eight companies have already met the guidelines to claim the research rebate.

ICR has provided research for companies active in online voting and casinos in addition to cryptocurrency.

Bitcoin companies can access ICR services on a contract basis or as part of an incubator.

ICR aims to incubate 20 bitcoin-centric entrepreneurs before the end of the year.

“We are building a global network of talented and passionate entrepreneurs who believe, as we do, that bitcoin is here to stay and will change our personal and professional relationships with money as we knew it,” the company states on its website.

The website notes the following research areas: statistical data analysis; text data mining; associate rules mining; memory forensics; embedded device forensics; network forensics; cryptanalysis; system incident recovery (“deep diving”); steganography; incident response; secure system design; management; financial and accounting systems design; data mining; quantitative risk analysis and actuarial design; marketing survey analysis; analysis of account for fraud detection; and continuous audit.

Also read: Financial reform author argues: Australia needs a digital currency like bitcoin

Parent company brings expertise

ICR launched in 2009 and is owned by Sydney, Australia-based DeMorgan Ltd. DeMorgan is a pre-IPO Australian listed company focused on alternative currency, next generation banking and reputational and educational products with a focus on security and creating a simple user experience. DeMorgan has completed several bitcoin-based research projects.