- Avinandan Banerjee
- September 21, 2021
The globally popular crypto exchange Coinbase has once again managed to make headlines as they have struck a collaborative deal with the United States Department of Homeland Security that is worth a staggering amount of $100 million. According to the nature of the deal, the services provided by Coinbase will now be utilized by the Government of the United States in order to review data gathered from the residents of America.
The United States Department of Homeland Security is dedicated to factors like illegal immigration and crime that has been committed cross-border. The official body has made a payment of $1.36 million to Coinbase as licensing fees for the Coinbase Analytics Software.
However, according to the official documents, there is no clue as to what will be the type of data that Coinbase will actually have to review. Due to the nature of the connection between ICE and Coinbase being more of a covert or clandestine type, data from the SAM.gov database has previously assured that Coinbase is the one and only vendor company that can successfully provide the services as requested by the ICE in all its fairness. It is in this way that the document clearly states that the information shared with the public will be relatively less.
The history of the U.S. Government and Coinbase
Moreover, Coinbase has a pretty long history when it comes to working with the United States Government, and according to the experts, this contract would be the best of the deals and probably the most beneficial for Coinbase. Before this deal was struck, Coinbase had agreed to provide the services of their Analytics Tools to the popular U.S. Secret Service. The Secret Service, as a result, was capable of deploying its Blockchain forensics capabilities in its operations. This contract with the Secret Service would extend till the month of May of 2024, and the entire cost of this contract cost $183,750.
These collaborative projects with the Government have given rise to speculations amidst the users and investors who are using the platform of Coinbase for varying out their exchanges, trades, and other things, in regards to the safety and privacy of their data and information. However, Coinbase has been quick to respond to these speculations and concerns and stated that the users and investors who conduct their business on the Coinbase platform could continue to do their business without any fear of security or threats because the company has reassured firmly that the data of their customers are handled safely and most importantly, separately from their Analytics Tools.
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