Crypto exchange Coinbase is in a buying mood again with the acquisition of Milan-based blockchain intelligence platform Neutrino, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).
Financial details were not disclosed.
According to Coinbase, blockchain intelligence is “increasingly important” in the crypto ecosystem, and is “necessary to achieve our mission of bringing the open financial system to the world”.
By analyzing data on public blockchains, Neutrino’s tech will let Coinbase prevent theft of funds from peoples’ accounts, investigate ransomware attacks, and identify bad actors. It will also help bring more (unspecified) cryptocurrencies and features.
For example, on its website, Neutrino offers its XFlow nSpect solution. This is developed specifically for law enforcement agencies, and provides features for criminal investigations and intelligence gathering.
Neutrino, which was founded in 2016, will continue to operate as a standalone business based out of its London office.
Meanwhile, Coinbase seems to be making good progress.
Last month, it bought Blockspring, a San Francisco-based start-up enabling data collection through APIs.
Back in August 2018, it acquired another San Francisco-based start-up – Distributed Systems – as it plans to use cryptocurrencies and blockchain for validating and verifying identity.
Coinbase demonstrated its technology at FinovateSpring 2014. With more than 20 million users and $150+ billion traded, the fintech unicorn was valued at $8 billion at the time of its last fundraise in October 2018.