Popular US crypto trading platform Coinbase is trying to sell its blockchain analysis software to the US Internal Revenue Service (IRS) and the Drug Enforcement Administration (DEA).
According to several public documents released in April and May, both agencies plan to purchase licenses to use Coinbase Analytics.
The IRS document establishes a connection between Coinbase Analytics and Neutrino, an intelligence agency acquired by Coinbase back in 2019. The acquisition was quite controversial because its founders were involved in the Italian spyware company Hacking Team. However, Coinbase reported it would walk away from team members associated with Hacking Team.
Even though the two documents show the interest of these US agencies in acquiring the software, awards have not yet been granted to the company, while the firm still does not appear in queries submitted to USASpending.gov, a directory of government contract awards.
According to the information available on this database, the crypto exchange is authorized to offer products and services to the US government since April 28 to April 13, 2021.
Coinbase Analytics is a blockchain analytical product used by Coinbase for compliance and global research. It is an important tool for meeting regulatory requirements and protecting clients' funds.
It is still unknown how much the US government is willing to pay for the licenses, however, the figure could range from $10,000 to $250,000.
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