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Coinbase Set to Provide its Blockchain Analytics Software to the U.S. Secret Service

Coinbase, a major cryptocurrency exchange has planned to sell its blockchain analytics software known as Coinbase Analytics to the Secret Service agency of the United States as reported by The Block news site.

The Secret Service agency of the U.S. government belongs to the Homeland Security Department of the country and conducts investigations on financial crimes as well as protects the leaders of the country. The government agency is now showing interest in the blockchain analytics software of the Coinbase cryptocurrency exchange.

Secret Service awarded a contract to Coinbase

In the report, The Block Crypto has mentioned a public record that shows that the Secret Service agency of the U.S. government has awarded the San Francisco-based crypto exchange with a four-year contract worth $183,750 in the month of May for using the blockchain analytics software of the exchange. As per the record, the contract will last till the 9th of May, 2024.

IRS and DEA are also interested in Coinbase Analytics Software

Apart from the Secret Service agency of the U.S. government, there are two other federal agencies that have shown interest in the blockchain analytics software of Coinbase. The U.S. Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS) also wanted to buy Coinbase Analytics from the exchange.

Reportedly, U.S. DEA offered a massive amount of $250,000 last month to the Coinbase crypto exchange for utilizing the Coinbase Analytics software. Coinbase was also interested in licensing its software to these two agencies. However, they did not contact the exchange later neither they have awarded any contracts to the exchange for this purpose so far. This means that the San Francisco-based exchange is now all set to provide its software to the Secret Service agency of the U.S.

The development of the Coinbase Analytics software was laid out when the crypto exchange acquired Neutrino in the month of February in 2019. The crypto exchange keeps this software separate from its other internal data and it is a completely online-sourced software.

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