The Immigrations and Customs Enforcement branch is to get blockchain analytics software, thanks to Coinbase. The deal was signed on the 16th of September.
Coinbase will provide ICE software development services that will enable it to monitor crypto finances and trading in the US. The deal is reportedly worth $1.36 million. Coinbase is to get $455,000 annually for up to three years.
This is the second and largest contract between the two. In August, the crypto exchange also agreed to provide forensics software for $29,000. As per the official documents, Coinbase is “the only vendor who can reasonably provide the services required by the agency.”
The move, however, is being criticized by social media users.
According to Alex Gladstein, the Chief Strategy Officer at Human Rights Foundation, the crypto platform was providing the government with “financial surveillance software”. In his tweets, he claims Coinbase “risk so much reputationally for such a relatively small sum”.
Coinbase has inked their largest deal with the Feds yet, signing a $1.36M contract to provide ICE with financial surveillance software.
— Alex Gladstein 🌋 ⚡ (@gladstein) September 18, 2021
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