Coinbase has acquired a London-based blockchain intelligence startup to prevent theft of funds and investigate attacks.
Coinbase reveals that the company will continue to operate as a standalone business in its London office. The amount of the contract has not been disclosed.
The U.S. exchange believes that blockchain intelligence will contribute to creating an open and protected financial system. The company expects Neutrino to help Coinbase prevent theft of funds, investigate hacks and ransomware attacks, and identify suspicious transactions.
Moreover, the exchange hints that the acquisition will help to add more cryptocurrencies and features to its services, assisting Coinbase in complying with current laws and regulations.
Earlier this year, Coinbase announced that it had acquired Andreessen Horowitz-backed tech startup Blockspring. The startup produces tools that enable developers to automatically gather and process information from application programming interfaces.
Later in February, Coinbase launched support for European Union residents to make fiat currency withdrawals to online payment system PayPal — a feature that was previously released for U.S. users only.