IRS to use Coinbase Analytics through a contract with Coinbase

Coinbase Analytics

The United States Internal Revenue Service (IRS) has acquired the software license for Coinbase Analytics in a recent deal with the crypto exchange.

Public records show that the IRS has signed a contract with Coinbase to use its Coinbase Analytics software for a period of one year. According to the database, the deal was signed on July 15 and will become effective on July 23rd. While the contract lasts for a single year, there is an option to renew the deal for another 12 months.

IRS Coinbase deal

The Internal Revenue Service was among a group of US agencies being sought by Coinbase as potential clients for its Analytics software. The IRS had indicated an interest in the software in published documents noting that the Coinbase Analytics software enables clients to track and analyze crypto transactions across a multitude of blockchain networks that criminals use to move funds.

According to the contract’s public record, Coinbase is being paid $124,950.00 for the single-year duration. The contract has not been added to, a database that lists completed contracts.

Coinbase Analytics

Coinbase’s Analytics platform arose from the company’s controversial acquisition of Neutrino. Neutrino was established by members of the Italian spyware company Hacking Team. The exchange faced criticism in working with the Hacking Team. Subsequently, a campaign was started to “delete Coinbase” which forced the exchange to part ways with the members of the Hacking Team.

CEO Brian Armstrong acknowledged this stating that the acquisition “did not go very well” and that the company had to “rebuild the team.”

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Bilal Ahmed

Written by Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.