Coinbase, the US largest crypto exchange out there, has struck a deal with Homeland Security. Coinbase has the most elegant crypto analytics system, and it is going to lend it to the Department of Homeland Security for some time. The analytics system will be licensed specifically to the Immigration and Customs Enforcement, which is a division of Homeland Security. The main use of this analytics system would be to maintain and review the available public blockchain data for analyzing the knowledge of American residents.
This deal doesn’t come off as a free one as Homeland Security has paid $1.36 million to Coinbase to acquire a license for this amazing analytics software. The CEO of Coinbase, Ryan Armstrong, has reassured the crypto enthusiasts and people out there that this analytics software is not going to provide any information to the authorities about the exchange’s clients or users outside of what’s already publicly visible and available on the blockchain.
Coinbase’s Analytics Software Is Very Popular
Many concerns have been raised that this analytics tool is going to provide the authorities with the KYC-oriented information of the users, but Brian has ensured all of these concerns that this won’t be the case. The main objective of this analytics tool developed by Coinbase is to be able to check the fraudulent activity that is going around on a dedicated blockchain.
This is the very tool the exchange uses to dissect the bad actors and cybercriminals from normal day-to-day users. Coinbase acquired a software company called Neutrino back in the day, and this software came into the hands of Coinbase as a result. This growing interest of Homeland Security into the blockchain array only means one thing that the department is on a mission to eradicate bad actors and cybercriminals from taking part in any kind of trading or investment around cryptocurrencies.
The exact use of this software the Homeland Security remains anonymous, but if the department is being such a heavy field to the exchange, then they’re definitely going to use it for something productive and important.
