The cryptocurrency exchange Coinbase will acquire crypto security company Unbound Security in a move that will also see the American company launch a research facility in Israel.
In a blog post on Tuesday, Coinbase said it would buy Unbound to gain access to its crypto security experts and establish a presence in Israel. The exchange cited Unbound’s work on multi-party computing to bring users the “virtually impenetrable nature of offline cold storage, with the frictionless convenience of online hot wallets.”
“We have long recognized Israel as a hotbed of strong tech and cryptocurrency talent, and we are excited to continue growing our team with some of the best and brightest minds in these fields,” said Coinbase. “The Unbound Security team will form the core of this new research facility, which we plan to grow over time.”
The Unbound acquisition is the latest of many for the major crypto exchange after its public listing on Nasdaq in April, giving the company a valuation of approximately $ 100 billion.. Last week, the team at crypto wallet provider BRD announced that it would be joining Coinbase in an effort to “help accelerate the adoption of Web 3.0” as well as provide “a deep self-custody experience.”
Coinbase did not immediately disclose the terms of the Unbound acquisition. The exchange has already bought firms including Agara, an AI-enabled support platform with operations in India, data aggregator Zabo, and data analytics platform Skew, with each deal likely to be in the millions, if not more.
As cryptocurrency prices continue to be volatile, Coinbase announced in August that it had amassed a war chest worth approximately $ 4 billion in cash to prepare for a potentially harsh crypto winter, driven by declining cryptocurrency retail volumes and higher operating costs from hurdles. regulatory. The company reported revenue of $ 1.2 billion in the third quarter of 2021, with profits totaling $ 406 million.
Keep reading: