Coinbase, the world’s most valuable crypto company, is gearing up to add more cryptocurrencies to its exchange thanks to its latest acquisition.
We already know the firm wants to a glut of new crypto assets, but today it announced it has snapped up blockchain intelligence startup Neutrino in an undisclosed deal that seemed destined to help further that goal.
Based in Italy, Neutrino helps map blockchain networks, and in particular crypto token transactions, to pull in information and insight. With the rise of thefts, that includes a major focus on services for law enforcement agencies to track stolen digital assets while it also includes tracking ransomware and analyzing ‘darknets.’ Other solutions include tracking services for investment and finance companies to help find rising tokens and assets, an area Coinbase could clearly capitalize on as it goes after security token offerings.
The company and its eight staff will relocate to Coinbase’s London office from where they will continue to service clients whilst becoming part of the Coinbase business. Initially, the startup’s primary remit will be security and theft-prevention but further down the line its smarts and technology will put to discovering and analyzing new asset listings for Coinbase.
“By analyzing data on public blockchains, Neutrino will help us prevent theft of funds from peoples’ accounts, investigate ransomware attacks, and identify bad actors. It will also help us bring more cryptocurrencies and features to more people while helping ensure compliance with local laws and regulations,” Coinbase’s engineering director Varun Srinivasan wrote in a brief blog post announcing the deal.
Srinivasan added that Neutrino’s technology is “the best we’ve encountered in this space.”
Coinbase has raised more than $500 million from investors, including its most recent $300 million Series E round in October that gave it a valuation of $8 billion. The purchase of Neutrino is its eleventh acquisition to date, according to Crunchbase. Most of those deals have tended to be talent-led deals as Coinbase seeks to suck up more expertise and engineering skills to support its growing business.
Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.
Written by Jon Russell
This news first appeared on https://techcrunch.com/2019/02/19/coinbase-buys-neutrino/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29 under the title “Coinbase buys blockchain intelligence startup to boost security and new asset discovery”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.
