Coinbase, one of the world’s biggest cryptocurrency exchanges, has made a deal to purchase a blockchain intelligence startup Neutrino for an undisclosed amount. The US-based exchange announced the deal on their website.
“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,” the statement notes.
The Italy-based Neutrino is a platform which bases its work on enhanced privacy and security features. According to their website, Neutrino is “focused on protecting the privacy of financial transactions, including implementing Transaction Isolation, ensuring your personal transaction data is not revealed to third parties.”
In an apparent move to boost its security, Coinbase has continued to add valuable pieces to their portfolio.
The exchange also notes that Neutrino technology is “the best we’ve encountered in this space.”
“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.”
Four months ago, Coinbase completed a new, $300 million worth Series E investment. At that time, the company announced that the funding series aims to “accelerate the adoption of cryptocurrencies and digital assets.”
In December, another funding round (Series F) was completed with around $21.3 million raised, according to Crunchbase.
The latest funding series puts the valuation of Coinbase at over $8 billion, as the total amount of funds raised to this date is $525 million.
So far, the San Francisco-based crypto giant closed 12 different deals all over the crypto and blockchain sector. Neutrino is the second addition to Coinbase portfolio in 2019, after the acquisition of Blockspring, a platform which enables developers to collect and process data from application programming interfaces (APIs).
Earn.com, a blockchain-powered paid-email service, was purchased by Coinbase in April 2018 for more than $120 million, in what is the known to be the largest outlay by Coinbase thus far.
The story is sponsored by newconomy.
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