A crypto exchange giant is buying an Israel-based cryptographic security firm to bolster the safety of its platform from the growing threats in the digital assets industry.
In a new blog post, Coinbase says that it is acquiring Unbound Security to gain access to the company’s cryptographic security experts and technological expertise.
Unbound Security is a pioneer in the field of secure multi-party computation (MPC), a highly advanced technology for securing crypto assets. The firm’s CEO and co-founder, Yehuda Lindell, is a leading expert in this emerging field.
“Technologies such as MPC will enable these 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 move comes as new use cases such as staking, decentralized finance (DeFi), decentralized autonomous organization (DAO) and non-fungible token (NFT) emerge in the crypto space. The crypto exchange says that the acquisition will also enable it to establish a presence in Israel.
“We also plan to establish a tech center of excellence in Israel that will ensure that Coinbase is always at the bleeding edge of security and blockchain technology.”
Coinbase did not disclose the amount of the deal. The firm says that the acquisition is expected to close in the coming months and is still subject to closing conditions.
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