Coinbase acquired Neutrino, a blockchain intelligence platform; the exchange announced about the acquisition on its Medium page on February 19.
Today we're announcing Coinbase has acquired Neutrino, a blockchain intelligence platform. Neutrino's technology is the best we've encountered, and will play an important role in legitimizing crypto, making it safer and more accessible for everyone. https://t.co/6gXcRvpEBM
— Coinbase (@coinbase) February 19, 2019
Varun Srinivasan, Engineering Director at Coinbase announced in his blog that blockchain intelligence is increasingly becoming important in the crypto ecosystem. This is imperative to achieve the mission of bringing the transparent financial system to the world.
Varun further added that:
“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 pave the way to bring more cryptocurrencies plus features to a wider audience while promoting compliance with local laws and regulations.
From what we gathered, a key highlight which Neutrino accomplishes, which would have attracted Coinbase, is that the company maps blockchain networks along with pulling information or insights about cryptocurrency transactions.
The major benefit of such technologies is that it would ensure that it becomes easy to track digital assets in case they get stolen or hacked. Another major distinction which Neutrino blockchain intelligence provides is that it identifies the patterns while identifying which cryptocurrencies are performing better based on different factors.
On the side of logistics, Neutrino is currently based in Italy and has eight employees. The entire Neutrino team will relocate to London, where they would work from Coinbase office. Neutrino’s primary assignment would be to prevent theft of funds and to look into ransomware attacks.
Coinbase is famous for having a history of acquisitions. The company has acquired a number of firms working in the cryptocurrency and blockchain domains. A few notable ones include Earn.com, acquired last year and Blockspring, acquired in January this year. Coinbase is aiming to expand and add more digital coins as part of their offerings.
Varun concluded on a cheerful note writing that Neutrino’s technology is the best service encountered and it will play an important role in legalizing crypto thereby making it safer and more prolific for people all over the world.
If you are keeping abreast of our news, you will notice how often we cover topics related to acquisitions. Smaller firms would generally own cardinal components valuable to larger firms.