Coinbase, The world’s most valuable crypto company is preparing to add more cryptocurrencies to its exchange thanks to its latest acquisition.
We already know that the company wants a host of new crypto assets, but today it announced that it has incorporated Neutrino, the blockchain intelligence chain, in an undisclosed deal that seemed intended to help achieve that goal.
Based in Italy, Neutrino helps map blockchain networks, and in particular crypto token transactions, for information and insight. With thefts on the rise, that includes a greater focus on services for law enforcement agencies to track stolen digital assets, while also including ransomware tracking and darknet analysis. assets, an area that Coinbase could clearly capitalize on as it moves forward after security token offerings.
The company and its eight employees will relocate to Coinbase’s London office, from where they will continue to serve customers as they become part of the Coinbase business. Initially, the startup’s main mission will be security and theft prevention, but even more in the future, its intelligence and technology will lead to discovering and analyzing new asset listings for Coinbase.
“By analyzing data from public blockchains, Neutrino will help us prevent theft of funds from people’s accounts, investigate ransomware attacks and identify bad actors. It will also help us bring more cryptocurrencies and features to more people while also helping us ensure compliance with local laws and regulations, ”said Coinbase Director of Engineering Varun Srinivasan. wrote in a short blog post announcing the deal.
Srinivasan added that Neutrino technology is “the best we have found in this space.”
Coinbase has raised more than $ 500 million from investors, including the most recent Series E round of $ 300 million in October, which gave it a valuation of $ 8 billion. The Neutrino purchase is its 11th acquisition to date, according to Crunchbase. Most of those deals have tended to be talent-based deals, as Coinbase seeks to gain more experience 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.