The acquisition brings Unbound Security’s adept team of developers and researchers to Coinbase, which is one of the world’s most popular digital currency exchanges with more than $50 billion in trading volume.
The “kraken” is a cryptocurrency exchange that allows users to trade different cryptocurrencies. Coinbase forays into the Israeli market with an acquisition of Unbound Security.
The most popular cryptocurrency exchange Coinbase is in the process of acquiring Unbound Security, a cryptographic security startup located in Israel that provides secure multi-party computing technology. In addition, the exchange plans to establish an autonomous research center in the area.
Coinbase’s latest purchase allows for safe cryptocurrency transfers.
Coinbase will acquire Unbound Security, a firm that provides a unique cryptographic security solution that may help the exchange perform safe crypto transactions, according to the official blog post.
Unbound is the first cryptographic technology company to provide a “multi-party computational platform that leverages complex mathematics to facilitate simpler storage and transfer of digital assets,” according to the exchange.
The article also emphasizes the need of protecting users’ wallets against hacking efforts that have gone feral in recent years. Unbound’s multi-party technology, according to the exchange, is meant to give the security features of cold storage wallets, which hold the user’s private keys in an offline state.
Coinbase is planning to open a tech hub in Israel.
Coinbase has also announced its ambitions to open a technology center in Israel, a sort of research center that will help to encourage and lead crypto activity in the country.
The purchase of Unbound will also “form the core” of a new research team comprised of topic specialists and professionals who will assist the exchange cement its position in the area, according to the exchange. The following was added to the blog post:
“We’ve long identified Israel as a hotspot of excellent technological and cryptography expertise, and we’re looking forward to expanding our team with some of the strongest and brightest brains in these sectors.” The Unbound Security team will serve as the foundation for this new research institution, which will be expanded over time.”
Coinbase isn’t the first company to decide to extend its overseas reach. The exchange has already established a tech center in India, as well as engineering hubs in Brazil and Singapore.
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Forescout, a cybersecurity company that offers solutions to organizations and individuals in the enterprise, has been acquired by Coinbase. The acquisition is part of Coinbase’s efforts to expand its operations into Israel. Reference: forescout.
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