Share this article
IRS Enlists Coinbase in Latest Crypto Tracing Deal
The tax collector has agreed to pay Coinbase up to $237,000 over the next two years for its "Analytics" tracing software.
By Danny Nelson
Updated Sep 14, 2021, 9:32 a.m. Published Jul 16, 2020, 8:49 p.m.
The Internal Revenue Service has become the second U.S. government agency to license Coinbase’s cryptocurrency tracing software, Coinbase Analytics.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- On Wednesday, the tax agency agreed to pay the cryptocurrency exchange up to $237,405 over the next two years for use of its newcomer blockchain analytics program, as per publicly available records found by the Block.
- The pair have been working toward a deal since at least April. At the time the IRS said Coinbase’s offering had “capabilities that are not currently found in other tools on the market.” Coinbase’s blockchain tracing rivals Chainalysis and Elliptic have both worked with the IRS in the past.
- Coinbase CEO Brian Armstrong has attempted to downplay the significance of his firm’s government ties. On July 11, in response to community pushback, he argued on Twitter that blockchains are traceable whether his firm does the job or not.
- CoinDesk revealed on July 7 that Coinbase closed its first government contract (worth nearly $50,000) with the U.S. Secret Service in May.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
