- Coinbase Analytics has signed a $1.36 million deal with Immigrations and Customs Enforcement
- ICE will use Coinbase Analytics to track suspected illegal cryptocurrency payments and transactions
- Coinbase Analytics began life as Neutrino before being bought by the exchange in 2019
Coinbase Analytics has signed a $1.36 million deal with the Immigrations and Customs Enforcement (ICE) branch of the Department of U.S. Homeland Security in a sign that it is growing as a supplier of cryptocurrency services. The company will provide blockchain analytics software to ICE through its Coinbase Analytics offshoot, which drew criticism last year when it inked a deal with the U.S. Secret Service.
Coinbase Analytics’ Rocky Start Breeds Triumph
Coinbase Analytics doesn’t have a great reputation in the cryptocurrency space, having started life as a company called Neutrino which was purchased by the exchange in February 2019. Alongside the fact that Coinbase was clearly moving into the blockchain analytics game, a sector of the space despised by those who still see the crypto movement as bastion for freedom from government oversight, it was soon revealed that Neutrino CEO Giancarlo Rosse had created and sold spyware to purported human rights infringing actors.
An apology and series of personnel changes soon followed, as did a short-lived #deletecoinbase movement, but it seems that the controversial start hasn’t damaged the company at all – Coinbase analytics sealed a $183,750 deal with the U.S. Secret Service in July 2020 and has now signed a much bigger deal with ICE, reflecting the growth of Coinbase Analytics and the confidence in its powers.
Blockchain Analytics Booming
Blockchain analytics has become a sought after sector in recent years as cryptocurrency use and interest has ballooned, and with several companies now vying for, and being awarded, government contracts, it’s clear that the likes of Coinbase Analytics and Chainalysis haven’t seen their last government deal.