Coinbase expands its international reach with the acquisition of an Israeli cryptographic security startup and the establishment of a new research lab in the country.
Coinbase, a well-known cryptocurrency exchange, has acquired Unbound Security, a cryptographic security startup located in Israel. According to the exchange, this establishes a brand-new presence for them in the area, which is described as a “well-established and quickly rising technological cluster.”
Coinbase disclosed its newest purchase earlier today in a blog post. Unbound is a pioneer in cryptographic security technologies, including a new field termed “secure multi-party computing,” or “MPC,” according to the business. Advanced mathematics is used in the technology, which facilitates the storage and transport of digital assets. According to reports, Yehuda Lindell — co-founder of Unbound – is a global leader in MPC.
“With this acquisition, Coinbase obtains access to some of the world’s most skilled cryptographic security professionals… as well as a presence in Israel, a well-established and quickly developing technological centre,” Coinbase said.
The essay explains that as cryptocurrency’s use cases expand dramatically, so do the attack vectors used to steal users’ private keys. As such, MPC is intended to combine the security advantages of cold-storage wallets with the convenience of hot wallets.
A cold wallet is a cryptocurrency wallet that is not linked to the internet, and is thus a more secure option for HOLDERS. Meanwhile, hot wallets are wallets that keep private keys active and available for trading at all times, exposing them to hackers.
Coinbase’s International Expansion
Coinbase has also revealed intentions to construct a technology research centre in Israel after the purchase. According to the researchers, Unbound will serve as the “nucleus” of a new research institution that will evolve over time.
This is not the first time Coinbase has expanded its business outside North America. The exchange opened its first technology base in India earlier this year. The engineering staff extended to Singapore and Brazil only two weeks ago.
Singapore and Brazil have piqued the crypto community’s attention due to their approaches to the digital asset industry. Another cryptocurrency exchange, Huobi, just opened its Asian headquarters in Singapore. Meanwhile, studies indicate that a sizable portion of Brazil’s populace is fascinated by Bitcoin, and one lawmaker has even advocated utilising it to pay government employees.
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