Coinbase Global Inc. (NASDAQ:COIN) acquired Israel-based cybersecurity firm Unbound, which could significantly improve the cryptocurrency exchange’s custody and cybersecurity features.
What Happened: Coinbase announced on Tuesday it purchased Unbound as part of its commitment “to providing the safest, most secure and most trusted venue for anyone to interact with the cryptoeconomy.” While the still unfinalized acquisition price was not disclosed, the firm had raised $40 million in funding since 2017, so Coinbase most likely paid significantly more than that for the company.
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Unbound was involved in the development of multi-party computation which is purportedly both user-friendly and extremely secure. Coinbase describes the technology as being “virtually impenetrable” but also having “the frictionless convenience of” readily accessible wallets.
Multi-party computation will be integrated into all of the services offered by Coinbase, both those aimed at retail and institutional investors. The exchange will also establish a research center focused on the intersection of blockchain and cybersecurity in Israel with the Unbound team constituting its center, effectively expanding its operations to yet another country.
COIN Price Action: Coinbase’s stock is trading at $317.47 after seeing its price fall by about 0.60% Tuesday at publication.