US-based cryptocurrency exchange Coinbase has acquired Israel-based cryptographic security company, Unbound Security. The cost of the acquisition remains unknown but according to industry estimations it’s believed to be more than $150 million.
Coinbase Wants to Establish Presence in Israel
In a Tuesday blog post, Coinbase announced the acquisition of Israeli cryptographic key security firm Unbound Security.
The acquisition of the security firm will enable Coinbase to provide users with the “highest levels of security in a way that’s simultaneously frictionless, yet virtually impenetrable” ensuring that valuable data such as private keys and assets can be protected in a more secure manner.
The Nasdaq-listed firm noted that Unbound’s work in multi-party computation enables crypto assets to be “stored, transferred and deployed more securely, easily and flexibly than ever before”. Hence, the company plans to use MPC to enable new features across its consumer, institutional, and cloud products.
The move will also establish Coinbase’s presence in Israel as the company will be setting up a “tech center of excellence” in the country as the company believes Israel is “a hotbed of strong technology and cryptography talent.”
“We’ve long recognized Israel as a hot bed of strong technology and cryptography talent, and are excited to continue to grow our team with some of the best and brightest minds in these fields. The Unbound Security team will form the nucleus of this new research facility, which we plan to grow over time,” Coinbase said in the blog post.
Dozens of Coinbase’s Acquisition
Coinbase has acquired over a dozen firms since its inception in 2012. The exchange has already acquired crypto wallet provider BRD, data aggregator Zabo, data analytics platform Skew, staking infrastructure firm Bison Trails, and Agara, an artificial intelligence-enabled customer support platform.
This isn’t the first time Coinbase has ventured beyond North America. Earlier this year, the exchange established its first tech hub in India. Not only that, its engineering team expanded further to both Singapore and Brazil.