Leading cryptocurrency exchange Coinbase is all set to acquire a cryptographic security company called Unbound security, an Israel-based firm that offers a protected multi-party computational technology. The exchange is also looking forward to establishing its independent research facility in the region.
Coinbase’ new acquisition offers secure crypto transactions
As per the official blog post, Coinbase will be acquiring Unbound Security, a company that offers a unique cryptographic security technology that can assist the exchange in conducting secure crypto transactions.
The exchange further stated that Unbound is the first mover on cryptographic technology that offers a special ” multi-party computational technology that employs advanced mathematics to promote easier storage and transfer of digital assets.
The post also highlights the need to protect the user’s wallets from regular hacking attempts that have gone rogue over the past few years. The exchange further explained that Unbound’s multi-party technology has been designed to deliver the security benefits of cold storage wallets, which generally store the user’s private keys in an offline mode.
Coinbase to establish a tech base in Israel
Coinbase has also confirmed its plans to establish a technology center in Israel, a type of research facility that will stimulate and spearhead crypto activities in the region.
The exchange further reiterates that the acquisition of Unbound will “form the nucleus” of a new research team comprising subject experts and professionals that will help the exchange solidify its position in the region. The blog post added:
“We’ve long recognized Israel as a hotbed of strong technology and cryptography talent, and are excited to continue to grow our team with some of the best and brightest minds in these fields. The Unbound Security team will form the nucleus of this new research facility, which we plan to grow over time.”
This isn’t the first time when Coinbase has decided to expand its international reach. The exchange had earlier launched a tech hub in India, followed by establishing another engineering hub in Brazil and Singapore.
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Author: Juhi Mirza