Coinbase Acquires Israeli Cryptography Company Unbound Security

Coinbase Acquires Israeli Cryptography Company Unbound Security

Coinbase has acquired Israel-based cryptographic security technology company Unbound Security.

The deal is expected to close in the next few months subject to customary conditions. Financials of the deals were not disclosed.

The acquisition is part of Coinbase’s strategy to rope in global talent from engineering hubs such as India, Singapore and Brazil.

According to an announcement by the company, the acquisition will enable Coinbase to set up an advanced tech research facility in Israel. It will also boost Coinbase’s product and security roadmap.

Unbound Security’s multi-party computation (MPC) capabilities will help to boost the security of customer assets held in crypto wallets. It will also enable Coinbase to roll out new features across its consumer, institutional and cloud products, the statement said.

“Technologies such as MPC will enable [crypto economy-based] groundbreaking use cases to come to life safely, securely and in a way that’s user friendly. MPC will deliver on this by protecting our customers’ assets with a technique that provides the virtually impenetrable nature of cold, offline storage, with the frictionless convenience of hot, online wallets,”

the statement said about the acquisition.

Featured image: Unsplash (edited)

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