Coinbase Sells Blockchain Analysis Software to the US Headquarters

The US Internal Revenue Service (IRS) has entered into a deal with the crypto exchange Coinbase to use blockchain analysis software undercalled Coinbase Analytics. The Block reported this.

Information about the deal was published on July 15.The contract comes into force on July 23 and is valid for one year with the possibility of extension for a second year. The IRS will pay Coinbase $124,950 for a year of using Coinbase Analytics.

The IRS was part of a group of government agencieswhom Coinbase considered as potential customers for its analytics platform. The IRS announced plans to buy a license for Coinbase Analytics back in April.

Coinbase CEO Brian ArmstrongAt the beginning of the week, he stated that Coinbase Analytics is an expensive project, so the exchange plans to sell the platform to recoup the costs. A Coinbase spokesperson stressed that “the information offered by Coinbase Analytics is completely separate from Coinbase’s internal data.”

Coinbase signed a similar contract with the US Secret Service last week.

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