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February 20, 2019

Coinbase takes over blockchain intelligence platform Neutrino

Coinbase, a US-based digital currency exchange, has purchased blockchain analytics firm Neutrino.

Financial terms of the transaction were not revealed.

Neutrino’s tools are designed to analyse cryptocurrency flows across multiple blockchains.

Coinbase engineering director Varun Srinivasan said: “By analysing data on public blockchains, Neutrino will help us prevent theft of funds from peoples’ accounts, investigate ransomware attacks, and identify bad actors.

“It will also help us bring more cryptocurrencies and features to more people while helping ensure compliance with local laws and regulations.

“Neutrino’s technology is the best we’ve encountered in this space, and it will play an important role in legitimising crypto, making it safer and more accessible for people all over the world.”

Neutrino will remain a standalone entity. Its eight employees will now operate out of Coinbase’s London branch.

“We decided to join Coinbase because we’re totally aligned with the company’s mission of building an open financial system and we believe that our expertise will play a vital role,” Neutrino said in a statement.

Recent acquisitions by Coinbase:

The latest deal comes shortly after Coinbase’s acquisition of Blockspring, a California-based startup that facilitates data collection and processing from APIs.

Last May, Coinbase snapped up crypto trading platform Paradex.

Coinbase recently secured $300m investment in a Series E equity funding round led by Tiger Global Management.

The crypto exchange said that it will utilise the funds to enable global expansion.

 

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