Giant American crypto exchange, Coinbase acquires blockchain analytic firm, Neutrino, as it aims at a wider push to offer more crypto asset across borders. This was announced in a press release recently.
Coinbase Recent Aquisition
As announced by Coinbase through its official Twitter page, the post reads,
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) 19 February 2019
The cryptocurrency exchange also notes in a press release that the acquisition of Neutrino would help the firm to prevent theft of funds from people’s account, investigate ransomware attacks and identify bad actors. Neutrino performs this action through analysis of the data on a blockchain. In Coinbase’s view, this will help bring Cryptocurrencies to more people while complying with local laws and regulations.
Coinbase director of engineering and product, Varun Srinivasan also mentioned that the acquisition of Neutrino is another step towards becoming “the Google of crypto.” Also, he stated that several other acquisitions are still in the works related to smart contracts and diversifying crypto-asset offerings.
Neutrino CEO, Giancarlo Russo stated in his statement that the acquisition is an important milestone for innovation in Italy where it is based. Further, he mentioned that the firm decided to join Coinbase because the firm is wholly aligned with the mission of Coinbase to build an open financial system. The two firms also share the same commitment to regulation, compliance, and security in the crypto space according to Russo.
Neutrino will be operating as a standalone business from the Coinbase’s London office.
According to Srinivasan, Neutrino possesses better qualities in comparison with its competitors, such as Whitestream and Chainalysis, Neutrino is working faster to include features for Cryptocurrencies beyond Bitcoin according to him.
Also, Neutrino’s European connection could help Coinbase to gain grounds in the region. Srinivasan said that the analytic platform had done a great job of building up in the European market. However, Coinbase wants to bring them into the American market and the international market and also introduce them to companies that are doing all kinds of things with cryptocurrencies and requires blockchain intelligence.
Notably, blockchain analytic is becoming an increasingly important part of the broader space of cryptocurrency landscape.