The Immigration and Customs Enforcement (ICE) branch of the US Homeland security has given 1.36 million contracts to crypto exchange giant Coinbase for “business application” and “application development software”, according to the fat will procurement data system.
The US Department of Homeland Security Paid Coinbase to Use its Block-chain to Track
The US Governing department which looks after cross-border crime and illegal activities has made a deal with the most popular cryptocurrency exchange platform based in the US.
Coinbase had previously signed deals with the US government, – The Us Secret Services “to license its Coinbase Analytics tools. The contract would last until May 2024 and for $183,750”, as per media reports.
However, the new deal is the basis largest federal contract yet. The deal was signed on Thursday and is worth around 40 times more than Coinbase lost the contract with the Homeland security branch.
Back on August 9 this year, the ICE paid Coinbase $29,000 for forensic software. According to a document dated August 3, the contract was given to Coinbase on the basis that the company is “the only vendor who can reasonably provide the service required by the agency.”
Details as to exactly what the ICE wants Coinbase software for scarce. The same document letter States, “this requirement is law enforcement sensitive, therefore minimal information will be provided publicly.”
ICE is not a different government agency to request Coinbase’s services. last year, Coinbase announced its desire to sell “Analytics” tool to give us government branches: the drug enforcement agency and the inland revenue service
The Internal Revenue Service (IRS) said that it could you several analytics tools to help catch blockchain-savvy tax Dodgers, including “Coinbase Analytics” formerly known as Neutrino. Coinbase acquired Neutrino back in 2019 for $13.5 million.
It was a controversial acquisition at which time since Neutrino members had been linked to an Italian organization, called the Hacking Team, which sold spyware to authoritarian regimes in Saudi Arabia, Sudan, and Venezuela.
Brian Armstrong, Coinbase CEO expressed his regret towards the Purchase and sacked the more dubious members of the team. Coinbase’s latest source analytics software deals with both the secret service and the IRS.
Coinbase is now in King billion-dollar deals with the Federal government. Besides, the Chainalysis report stated the US government may have a new favorite blockchain company