The cooperation will ensure the security as well as the convenience of using digital assets

Coinbase will acquire the cryptocurrency storage service Unbound Security

01.12.2021 - 12:30

236

1 min

What’s new? The Coinbase cryptocurrency exchange intends to acquire Unbound Security, an Israeli company specializing in multi-party computational (MPC) technology.

What is known about the deal? The financial terms of the deal have not been disclosed, but Unbound Security has raised at least $40million in external funding to date and has more than 70 employees. The deal will be closed in the coming months, Coinbase reported.

What are Coinbase's future plans? Over time, the company intends to integrate the MPC methods into its retail and institutional products. This technology provides the security as well as the convenience of using crypto assets. Coinbase commented on the deal with Unbound Security as follows:

“This technology is crucial to the creation of NFT, DeFi, and other Web3 applications as it eliminates the need for offline storage.”

Author:

Tatiana Darda Tatiana Darda

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy