Coinbase Secures $1.36 in a deal with US Security Department

Coinbase exchange established a deal with a US homeland department’ entity to allow their analytic tool to be used by the authorities of the security department. Deal settled with $1.36 million. 

Coinbase exchange is the biggest crypto exchange of the US and it is also targeting users from the global market. Right now this exchange is giving its services in all possible countries where crypto is regulated or allowed. But beside the crypto based operations, Coinbase Exchange’s team is developing high tech blockchain based tools to use for their crypto operations and ensure the security and custody of their customers. In recent months, Coinbase’s tools have been getting better attention from the US government authorities. 

In a recent deal, The Immigration and Customs Enforcement (ICE)  bought a license to use the Coinbase Analytics software. To get the license, ICE paid around $1.3 million to the Coinbase. 

ICE is a branch of the U.S. Homeland Security Department and this entity taking eye attention to cross-border crime and illegal immigration. 

According to the published official documents, it is clearly mentioned that the ICE department will use Coinbase’s analytic tool and Coinbase will work just like a vendor for ICE. But there is no information provided about how they will work, that means, how they will analyse or share the data with Coinbase. 

This is not the first time, when US government authorities bought any kind of tool for their investigation and tracking purpose. In history they already bought a few other tools, which are based on blockchain technology. 

Read also: Turkish President says they are at War Against Crypto