US crypto exchange behemoth, Coinbase, has acquired blockchain analytics company, Neutrino, according to the company’s blog post. This is part of a drive to offer more diverse crypto assets across borders.
Coinbase have not disclosed the price they paid, but have said that the Neutrino team will move from their base in Italy to the Coinbase office in London where they will continue as a separate entity in order to continue serving external clients.
“We decided to join Coinbase because we’re totally aligned with the company’s mission of building an open financial system and we believe that our expertise will play a vital role,” Giancarlo Russo, Neutrino CEO, said in a statement. “We share the same commitment to regulation, compliance and security in the cryptocurrency space”.
The exchange are indicating that the acquisition will help to add more cryptocurrencies and features to its services while complying with local laws and regulations.
The “Google Of Crypto”
Not everyone is pleased with this acquisition. Most people in the crypto space value their privacy and there have been questions about their data and crypto ownership being handed over to government agencies. And there is good reason for this concern.
Giancarlo Russo formerly worked as Chief Operating Officer for HackingTeam, the government security contractor that was hacked in 2015. Emails posted by Wikileaks revealed that the company readily assisted repressive governments like Saudi Arabia, who, at one stage, wanted to buy the company.
However, it is unlikely that Coinbase will take heed of users’ apprehensions, they have become an $8 billion industry in spite of regular outrage. Coinbase’s Director of Engineering and Product, Varun Srinivasan, has said that Coinbase is looking to become the “Google of crypto” with “many different products” across the sector.
The company’s press release states: “Neutrino’s technology is the best we’ve encountered in this space, and it will play an important role in legitimizing crypto, making it safer and more accessible for people all over the world”.
Image: Burdun Iliya / Shutterstock.com
January’s issue of 21CRYPTOS Magazine is now FREE!
Master the cryptocurrency industry and get stuck into 100+ pages of coin & ICO analysis, engaging features, essential resources, and quality journalism.
Get your free copy right now: https://archive.21cryptos.com/product/21-cryptos-digital-magazine-january-issue-15/