Globally-renowned crypto-king Coinbase announced today the completed acquisition of Israeli security company Unbound Security, in a bid to expand its multi-party computational capabilities. The move didn’t spark much of a reaction in the market on Tuesday, with Coinbase stock remaining in consolidation around $318.00.
Coinbase has had its eye on the security specialist for some time, considering the company to be an industry pioneer in MPC – a subset of cryptography allowing multiple parties to evaluate a computation without relieving personal data. The acquisition will also give Coinbase a sturdy foundation in the bustling economy of Israel.
Financial details have thus far been withheld, with no further information on cash or stock amounts. Whatever the terms, Coinbase’s acquisition is an understandable extension of security development, a critical pillar in the trading and storage of cryptocurrency. MPC is a critical development; allowing easier storage and transfer than ever before.
Coinbase announced in a press release:
“With this acquisition, Coinbase not only gains access to some of the world’s most sophisticated cryptographic security experts with demonstrated ability to power secure key management at massive scale for the world’s largest financial institutions, but also a presence in Israel, a well-established and rapidly growing technology hub. This presence in Israel will add an additional powerful prong to Coinbase’s global talent acquisition strategy.”
It doesn’t seem like crypto is going anywhere in the near future. Whether you think the bubble will burst, or whether you’re a die-hard bitcoin fanatic – the crypto landscape is developing quickly. Whilst the lack of regulated infrastructure still teases widespread adoption, sites like Coinbase have seen abundant growth in users, with stock showing an overall gain of 6.4% since the company’s IPO in May. COIN stock is showing a daily loss of 1.2%, trading just over the $316 level.
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