Coinbase, the San Fransisco based cryptocurrency exchange has announced its acquisition of Neutrino, an Italian blockchain intelligence platform.

The exchange stated that blockchain intelligence has become increasingly important in the crypto ecosystem and necessary for them to introduce their open financial system. Varun Srinivasan, Engineering Director at Coinbase has said that Neutrino’s contribution would be assisting the exchange by analyzing data on public blockchains, prevention of theft of funds from people’s accounts, investigation of ransomware attacks and identification of bad actors. The new acquisition will help Coinbase bring more cryptocurrencies and features to a wider audience while helping ensure compliance with local laws and regulations.

Following the acquisition, Neutrino’s blockchain engineering and security experts will join Coinbase’s workforce and will be based out of its office in London.

Coinbase was recently granted a limited purpose trust company status by the New York State Department of Financial Services.

Founded in June of 2012 in California, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin.

Founded in 2016, Neutrino consists of a team of cybersecurity specialists who are involved with technology exploitation and intelligence gathering. Neutrino supplies investigative solutions to the crypto experts within leading financial services companies and law enforcement agencies. Neutrino develops solutions for monitoring, analyzing and tracking cryptocurrency flows across multiple blockchains.

by Megha Bhattacharya
Market Analyst at IBS Intelligence