Coinbase, a U.S based cryptocurrency exchange and wallet, has acquired blockchain intelligence platform, Neutrino, for an undisclosed amount. Coinbase says the merger will help the company expand into blockchain intelligence, which is imperative for bringing a more inclusive and open financial system to the public.
“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,” said Varun Srinivasan, engineering director of Coinbase.
According to Coinbase, Neutrino’s technology will not only bring safety and security to the cryptocurrency sector but will also better protect the end-to-end integrity if cryptocurrency transactions. Neutrino will continue to operate as a standalone business based out of Coinbase’s London office.
“We decided to join Coinbase because we're totally aligned with the company's mission of building an open financial system and we believe that our expertise will play a vital role. We share the same commitment to regulation, compliance and security in the cryptocurrency space,” said Coinbase in a statement.