Coinbase to Buy Unbound Security to Strengthen Cryptographic Security

Coinbase, the US-listed cryptocurrency exchange, has announced its intent to buy Unbound Security, an Israel-based cryptographic security company. 

As a leading cryptocurrency exchange platform, providing the highest level of protection for customer assets has always been of prime importance to Coinbase. The addition of Unbound Security provides the best in class and state-of-the-art security technology for customers to interact with the cryptocurrency.

Due to its very nature, cryptocurrency as an asset needs easy storage, transferability, and access. As a secure multi-party computation (MPC) application, Unbound Security provides strong security and is user-friendly.  

The crypto market has grown multi-fold with new asset classes such as staking, Decentralized Finance, and Non-Fungible Tokens. With the growth of asset classes, comes the risk of newer threats and the complexity of managing them.

An MPC application brings in the safety, security, and ease of usage for customers to access their assets, and a technique that provides the virtually impenetrable nature of cold, offline storage, with the frictionless convenience of hot, online wallets.

With the acquisition of Unbound Security, Coinbase also gains access to the highly lucrative technological and cryptographic hub of Israel. The company plans to launch a research and development center in Israel with a focus on the crypto market, which the company will expand in the future.

Coinbase​ said, "We're always proud to welcome top talent to Coinbase and the Unbound Security team represents the very best expertise in its field. We look forward to working with them over time to move the entire state of cryptographic security forward and to continue delivering the highest levels of security to our customers."