Coinbase Signs Deal With Homeland Security

Source: Pixabay

Coinbase makes headlines again these days following the latest moves.

It’s been revealed that the U.S. Department of Homeland Security has signed a deal with Coinbase to use its blockchain tracing software, Coinbase Analytics.

According to The Block Crypto, the current deal value is $455,000 for one year, but it can go up to a total amount of $1.4 million through 2024, according to government tracker USAspending.gov.

“If extended through 2024, this will be the largest government contract for Coinbase Analytics, according to tracker Tech Inquiry. The previous agreements have had maximum ceilings between $29,000 and $695,000,” the online publication notes.

Regarding the latest deal, Homeland Security’s Immigration and Customs Enforcement agency, specifically, awarded the contract.

The agency didn’t reveal the terms of the deal but said Coinbase’s software would help support Homeland Security’s cyber crimes center.

Coinbase “is the only vendor who can provide the licenses required by the agency.”

Not too long ago, Coinbase said that “the information offered in Coinbase Analytics has always been kept completely separate from Coinbase internal data.”

Coinbase in the news

The crypto exchange revealed that it is raising $2 billion through a debt offering despite receiving lawsuit threats from the U.S. SEC.

The crypto exchange said that the offering will be used for “general corporate purposes as well as investment in product development, potential mergers and acquisitions of products and technologies.”

“This capital raise represents an opportunity to bolster our already strong balance sheet with low-cost capital.”

It’s also important to note the fact that the firm initially aimed to raise $1.5 billion, but Reuters reports that it increased the offering by an additional $500 million due to market interest.

Coinbase made sure to reveal the fundraising plan at a time when the SEC has warned that it will file a suit against the exchange if it pushes through with a plan to launch Lend.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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