In Brief:
- Coinbase had signed a contract worth of $1.36 million with ICE to develop blockchain analytics software
- This contract is the biggest federal contract for Coinbase
- Earlier, Coinbase has also delivered the Software to the US Secret Service and inland Revenue
Coinbase has signed a contract with the Immigration and Customs Enforcement branch to facilitate them with blockchain analytics Software. The estimated value of this contract is $1.36 million.
The immigration and Customs Enforcement agency is an independent branch of the U.S Homeland security. So, the U.S homeland security will pay $1.36 million to one of the leading crypto exchange platforms, Coinbase for the development of “business application” and “application development software”.
This contract is the biggest contract of Coinbase with the federal government as the cost of this contract is almost forty times bigger than Coinbase’s last contract with the Homeland Security branch.
Last month, on August 9, Coinbase had already made a deal with ICE. Coinbase had secured the $30,000 to provide “computer forensics services”. Coinbase has received this contract based on “the only vendor who can reasonably provide the services required by the agency.”
It is not the first time for Coinbase to secure a deal with any government agency. Last year, Coinbase had revealed its interest to sell analytics tools to two U.S government branches: the Drug Enforcement Agency and the Inland Revenue Service. Earlier, Coinbase has also delivered the Software to the US Secret Service and inland Revenue.
The IRS made clear that it could use several analytics tools to catch tax dodgers on the blockchain. In this list of software, Coinbase Analytics is also included, which is formerly known as a Neutrino.
This purchase became controversial as members of the Neutrino had a connection with an Italian organization named “Hacking Team”, who sold the spyware to some countries. After this purchase, Coinbase CEO had fired some suspicious team members to secure their platform from any cyberattack.
Among this continuous contract acquisition from the US government body, Coinbase’s new Stablecoin lending product became a concern for the SEC. SEC has threatened Coinbase to sue over its lending feature, though Coinbase CEO responded to the threat calling SEC’s behaviour “Sketchy”.
