U.S. Secret Service is buying Coinbase software for tracking cryptocurrency transactions

Crypto exchange Coinbase is providing its blockchain analytics software to the U.S. Secret Service, a federal law enforcement agency under the Department of Homeland Security.

The United States Secret Service purchased blockchain analytics software from cryptocurrency exchange desk Coinbase.

The U.S. Secret Service has contracted with Coinbase and will use its software to track transactions in bitcoins and other digital assets.

The U.S. government will start cooperation with Coinbase, one of the largest cryptocurrency exchanges. The company will provide its solution for monitoring transactions on a blockchain to the U.S. Secret Service, as described on its official website. The agency reports to the U.S. Department of Homeland Security, which is responsible for investigating financial crimes.

The Secret Service has signed a 4-year contract with Coinbase to use the software, which expires in 2024, May 9. The deal amounted to $183 000. CEO of the exchange Brian Armstrong explained in his Twitter account that cooperation with the U.S. Secret Service is an opportunity to improve relations with law enforcement agencies. Such services are used by many exchanges to comply with the rules on combating money laundering and terrorism financing.

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