- Coinbase has purchased blockchain intelligence firm Neutrino
- This is the latest in a string of recent expansions
- The Neutrino team will retain some level of independence
CoinBase has acquired Neutrino, a blockchain intelligence firm, in hopes of using their technology to add new features and improve security.
Coinbase expanding despite current market conditions
CoinBase has made a new acquisition in a bid to expand its crypto empire. On February 19, the company announced that they have acquired Neutrino, a blockchain intelligence startup of an undisclosed amount.
The company has stated that Neutrino’s research will help them bring a more open financial system into the world. They also say that Neutrino’s technology is some of the best they have ever encountered and that it will help in legitimizing cryptocurrency and making it safer to use for casual and inexperienced users.
“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.”
Despite the acquisition, Neutrino will continue to act as a stand-alone arm of CoinBase in London.
Preparing for the bull
This new acquisition is only the latest in a long line of recent changes that have taken place at CoinBase in 2019.
On February 13, It was reported that the company has paid $30,000 to HackerOne who had discovered a vulnerability in the system as part of their bug bounty program.
On February 12, they announced a new feature on the platform- third-party key storage. Now, CoinBase users can store an encrypted recovery phrase on iCloud or Google Drive so as to still have access to their funds if their passphrase is forgotten or their mobile device is lost.
On February 5, CoinBase began allowing customers in the European Union and the European Free Trade Association countries to make PayPal withdrawals:
“As one of the world’s easiest and most widely-used payment platforms, adding PayPal as a withdrawal option for European customers offers another great option for withdrawing their funds.”