Coinbase acquired cybersecurity company from Israel dubbed Unbound, bolstering its custody and cybersecurity abilities with the latest acquisition as we can see more today in our latest coinbase news.
The exchange announced on Tuesday that Coinbase acquired cybersecurity company Unbound Security which is a company from Tel Aviv that uses a new type of cryptography to store digital assets. The companies didn’t disclose a price for the acquisition but Unbound raised about $40 million since its inception in 2017 which means that Coinbase would have had to pay much more than that to acquire it. The acquisition comes at a time when the hackers tried to pose a threat to crypto companies after Coinbase disclosed that more than 6000 of the customers fell victims to a phishing scam involving SIM cards.
While Coinbase invests heavily in security for the custody operations, Unbound’s acquisition will give the company some new technology in the form of secure multi-party computation that purports to be both simple, easy to use, and secure. Coinbase said in a blog post:
“MPC will deliver … by protecting our customers’ assets with a technique that provides the virtually impenetrable nature of cold, offline storage, with the frictionless convenience of hot, online wallets.”
The post noted that the MPC technology will be deployed on all Coinbase services including institutional ones and consumer ones. In announcing the deal, which has to be finalized yet, Coinbase said it is establishing a new research center in Israel that will concentrate on the intersection of blockchain and security as well as members of Unbound will form the nucleus of the center. The new Unbound deal is the latest in a flurry of the recent acquisitions by the crypto exchange which includes the purchase this month of the startup called Agara as well as the data of SKEW data service and infrastructure provider Bison Trails earlier this year.
As recently reported, Adidas partnered with Coinbase and now has a parcel of land allocated to it in the Sandbox. Sportswear giant noted on Twitter about the partnership as well. The institutional adoption of crypto is growing especially with sportswear or other clothing companies that are coming into play on the market. Adidas’s partnering with Coinbase is probably something bigger given the other major news that the company is building a presence in the metaverse.