Coinbase has taken another step towards the complete domination of the cryptocurrency market by acquiring Neutrino, a startup that analyses, monitors and supervises blockchain, looking to increase and improve the cryptographic processes in order to have a more notorious present worldwide. The necessity of having an intelligence unit within Coinbase has become extremely important, especially with the cryptocurrency market expanding at high speed and with new competition arising every day.
Today we're announcing Coinbase has acquired Neutrino, a blockchain intelligence platform. Neutrino's technology is the best we've encountered, and will play an important role in legitimizing crypto, making it safer and more accessible for everyone. https://t.co/6gXcRvpEBM
— Coinbase (@coinbase) February 19, 2019
The main goal Neutrino will have within the already massive infrastructure of Coinbase is to prevent the irregular extraction of funds from cryptocurrency wallets of customers, perform investigations in order to determine potential attacks and early detection of threats that could affect the payment structure carried out by Coinbase. Another aspect Neutrino will cover is the amplification of cryptocurrency wallets that Coinbase currently handles, to increase the number of people associated with the service while also ensuring that the services provided comply with the regulations necessary.
Varun Srinivasan, Coinbase Director of Engineering and Product, comment on the event saying that all employees of Neutrino will be transferred to the city of London and located in Coinbase headquarters in the city, even though Neutrino will remain as an independent company for the time being. Srinivasan also showed his enthusiasm to collaborate with a company like Neutrino and the positive impact this would have on Coinbase operations.
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.
Through a public statement, Neutrino announced the news sharing their intention to collaborate with Coinbase in order to continue providing a trustable cryptocurrency exchange that’s also easy to use for customers. It is their hope that this merger will bring great improvement for all current processes of compliance, trustability and transparency, while also enforcing the integrity of the transaction. Neutrino also believes that this will help to provide an open financial system that is fully compliant with regulations and also provides a safe environment for customers that are looking to diversify their current investment portfolios.