One of the leading exchanges in the crypto world Coinbaseannounced that it has acquired an Israel-based cryptographic security firm to strengthen the platform’s security against the growing threats in the digital asset industry.
Sharing the purchase on the Coinbase Blog page, Coinbase is seeking access to the company’s cryptographic security experts and technological expertise. Unbound SecurityHe said he bought the .
Unbound Security is recognized as one of the pioneers in the field of “secure multi-party computing (MPC)”, a highly advanced technology for securing crypto assets. CEO and co-founder of the firm Yehuda Lindellis among the leading experts in this emerging field.
“Technologies like MPC are making these groundbreaking use cases; will ensure that it is implemented in a safe, secure and user-friendly way.
MPC is an innovative system to do this by protecting our customers’ assets with a technique and technology that delivers the virtually impenetrable nature of cold, offline storage and the frictionless convenience of hot, online wallets.”
This acquisition is also noteworthy to come as new use cases emerge in the crypto space such as staking, decentralized finance (DeFi), decentralized autonomous organization (DAO), and immutable token (NFT). Coinbase adds that the acquisition will pave the way for it to establish a presence in Israel
“We plan to establish a technology center of excellence in Israel that will ensure Coinbase is always at the cutting edge of security and blockchain technology.”
Coinbase did not disclose the amount of the deal. The company stated that the acquisition is expected to be completed in the coming months and is still subject to closing conditions.