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US Department of Homeland Security signs $1.36 million deal with Coinbase

US Department of Homeland Security signs $1.36 million deal with Coinbase

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Answer US Department of Homeland Security signs $1.36 million deal with Coinbase

Coinbase will provide the US Immigration and Customs Enforcement (ICE) with blockchain analysis software.

The cryptocurrency company submitted a program to the US Secret Service.

In return, the US Homeland Security Immigration and Customs Enforcement awarded a $1.36 million contract to Coinbase to implement and implement the agreed-upon work and application development program, according to the US Department of Homeland Security. to source.

The new deal is Coinbase’s largest federal contract to date.

The deal was signed last Thursday and is worth about forty times more than Coinbase’s last contract with Homeland Security.

On August 9 this year, ICE paid Coinbase $29,000 for a blockchain transaction analysis program.

According for the document Dated August 3, the contract was awarded to Coinbase on the basis that the company is the only seller who can provide the services reasonably requested by the agency.

Details of exactly what ICE wants from Coinbase are unknown.

The document itself states that this requirement is a law enforcement tool, and therefore minimal information will be made available to the public.

ICE is not the first government agency to request Coinbase services.

Last year, Coinbase announced its desire to sell analytics tools to two branches of the US government, namely:

  • Drug Enforcement Agency.
  • Internal Revenue Service.

The IRS said it could use several analysis tools to help catch tax evaders by relying on blockchain analysis professionals, including Coinbase Analytics, formerly known as Neutrino.

Read:Ethereum trading volume increased and outperformed Bitcoin in the first half of 2021

Coinbase acquired Neutrino in 2019 for $13.5 million.

It was a controversial acquisition at the time, as a Neutrino member was linked to an Italian organization called Hacking Team, which sold spyware to many authoritarian governments across the world.

Brian Armstrong, CEO of Coinbase, later lamented the sale of spyware and the expulsion of suspected members of the team.

Coinbase later dealt with analytics programs more cautiously and confidentially, especially with the agency “IRS”.

Read also:

After Coinbase…Regulatory Audit Reaches One of the Most Popular Cryptocurrency Lenders in the US

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