Coinbase inks new deal with U.S. Homeland Security 

Coinbase, an American crypto exchange company, has recently signed a multimillion-dollar deal with the U.S. Homeland Security that would allow the government to analyze the company’s data about American citizens. 

The Immigration and Customs Enforcement (ICE), a branch of Homeland Security that focuses on cross-border crime and illegal immigration, has paid the crypto exchange $1.36 million for the deal.

This deal would allow ICE to acquire licensing fees to use Coinbase Analysis for its data inspection and cross-examinations. 

Trusted partner

Coinbase is not new in acquiring government contracts. It has previously won some of the government’s biggest projects, but its recent deal with Homeland Security is its biggest yet. 

Both Coinbase and Homeland have been vague about the exact data that would be analyzed by the government. Both of them have echoed the same message that with the sensitivity of the data and the deal, they can only provide limited information to the public. 

But they assured that this deal is meant to protect American citizens and that the sensitive data would be handled with optimum care and responsibility. 

Coinbase has previously signed a deal with the U.S. Secret Service which also acquired a license for Coinbase Analytics that would allow them to utilize the company’s blockchain forensic tools. This deal costs $183,750. 

The cryptocurrency exchange had also previously collaborated with the Drug Enforcement Agency (DEA) and the Internal Revenue Service (IRS). 

Heavy criticisms

Coinbase came under fire for its series of dealings with various government agencies, and the public is worried that these deals might compromise its users’ data and privacy. 

But the crypto exchange has repeatedly assured the public that their data would remain safe as it is the company’s top priority. Coinbase chief executive officer Brian Armstrong made it clear that the collaboration between Coinbase and the government is intended for the greater good. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/coinbase-inks-new-deal-with-u-s-homeland-security/