The cryptocurrency exchange Coinbase announced it would acquire Israeli firm Unbound Security, which specialises in solutions based on the confidential computing protocol (MPC). Financial terms of the deal were not disclosed.
Thrilled to be joining the Coinbase team!https://t.co/g8N2tGpwEt pic.twitter.com/f8NrgZeo5I
— Unbound Security (@UnboundSecurity) November 30, 2021
According to the press release, the Nasdaq-listed Coinbase plans to expand asset custody and security capabilities with the new acquisition.
MPC — a cryptographic protocol that allows users to perform joint computations that depend on secret inputs held by each participant. It enables splitting private keys into fragments that are distributed among trusted parties to execute a transaction.
“This technology is crucial for creating NFT and DeFi, as well as other Web 3.0 applications, because it eliminates the need for autonomous (cold) storage,” commented a Coinbase spokesperson to The Block.
He said the exchange plans to integrate MPC into retail and institutional products over time. The company expects the Unbound Security team to form ‘the core of a new research centre’ in Israel.
Coinbase announced the issuance of bonds worth $1.5 billion. The funds raised were to be used, among other things, to acquire startups, products, and technologies.
Later the exchange increased the size of the debt issuance to $2 billion, citing strong demand.
Earlier in November, Coinbase announced the acquisition of the Agara startup, which operates an AI-powered customer-support platform.
Later in the month the company acquired the BRD startup behind the BRD cryptocurrency wallet.
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