Exchange News

Coinbase adds a blockchain intelligence firm to its list of acquisitions

Coinbase, a leading cryptocurrency exchange in the United States, has announced today that it has added a blockchain intelligence firm to its list of acquisitions.

Although the exchange is based in the United States, Neutrino, the blockchain intelligence firm, will operate from its London office. Coinbase continued to note that Neutrino will continue to be a standalone business.

Announcing the acquisition, Coinbase said that:

Blockchain intelligence is increasingly important in the crypto ecosystem, and is necessary to achieve our mission of bringing the open financial system to the world. By analyzing data on public blockchains, Neutrino will help us prevent theft of funds from people’s accounts, investigate ransomware attacks, and identify bad actors.

The blockchain intelligence firm will also help the exchange to adhere to the set regulations while it strives to onboard more people onto the cryptocurrency train. Coinbase continued to note that the blockchain intelligence firm will play a pivotal role in “legitimizing crypto and making it safer” so that more people all over the world can feel comfortable putting their trust in cryptocurrencies.

In the recent past, Coinbase has been adding new features and acquisitions. Last month, the exchange indicated that it had added Blockspring, a technology startup specializing in tools that interface developers with APIs (Application Programming Interfaces) to facilitate gathering and processing of information.

In August 2018, Coinbase renamed Toshi, a decentralized cryptocurrency wallet, to Coinbase Wallet. Announcing the renaming, Coinbase said that it was part of a “larger effort to invest in products that will define the future of the decentralized web.”

In February this year, the exchange said that Coinbase Wallet users’ can back up a copy of their private keys on iCloud and Google Drive.

Do you think the acquisition of the blockchain intelligence firm will help Coinbase to increase their customer base through security improvement?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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