One of the largest cryptocurrency exchange, Coinbase has recently signed yet another acquisition deal with blockchain startup. The latest acquisition of the blockchain intelligence startup, ‘Neutrino’ will help Coinbase determine the best performing crypto assets.
Coinbase Acquired Neutrino
Reports claimed that the Neutrino deal by Coinbase is an undisclosed acquisition. Per the agreement, this week, eight employees from Neutrino team will move to Coinbase’s London office. The firm is basically based out in Italy, providing insights and information on the crypto assets by tracking the data. Besides this, the firm also focuses on analyzing and tracking stolen digital assets, ransomware and as such other dark web activities. The kind of data would help Coinbase determine what best fits for exchange and meantime, help secure its platform from darknets acts.
In a deal announcement released today, on Feb 19, 2019, Varun Srinivasan, the Coinbase’s engineering director says that ‘Neutrino’s technology is the best we’ve encountered in this space’.
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.
Becoming Google of Crypto
Moreover, addressing to the other sources, Neutrino’s presence across Europe would help Coinbase build up a good connection across European regions. Although the Neutrino is more of analytics, Srinivasan prefers calling the platform as ‘blockchain intelligence than ‘analytics’. Moreover, he says;
“They’ve done a really good job of building up in the European market. But we want to bring them to the American market and the international market and introduce them to companies that are doing all kinds of things with crypto that need blockchain intelligence.”
With the analysis startup deal in Coinbase’s favor, the exchange is likely to find the ultimate tips to implement on a platform. In a nutshell, Srinivasan expressed the mission statement of Coinbase and says that Coinbase aims to become ‘the Google of Crypto’ following ‘many different products’ within the box. He says that;
“If we see a really great team that’s built a really great product, like Neutrino, for example, you’ll see us go out and talk to them and try to bring them into the Coinbase family to extend the suite of products that we have,”
Furthermore, the official announcement welcome Neutrino team by adding;
Neutrino will continue to operate as a standalone business based out of our London office. We’re excited to welcome them to the Coinbase family!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com