Coinbase Acquires London-based Blockchain Startup

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Crypto exchange Coinbase has acquired London-based blockchain startup Neutrino, as per the post published on company’s blog.

Coinbase unveiled that the company will continue to function as a standalone business in the London office. The amount of the contract has not been revealed.

The US exchange thinks that blockchain intelligence will contribute to building an open and secured financial system. The firm expects Neutrino to assist Coinbase to prevent theft of funds, investigate ransomware attacks and hacks, and identify suspicious transactions.

Furthermore, the exchange hints that the acquisition will help to add more digital currencies and features to its services, assisting Coinbase in complying with current laws and regulations.

Prior this year, Coinbase declared that it had procured Andreessen Horowitz-backed tech startup Blockspring. The startup provides tools that allow developers to gather and process information from application programming interfaces automatically.

In January, the exchange added resources for users in the U.S. to assert cryptocurrency trades on their taxes, integrating its systems with tax software TurboTax.

Later, in February, Coinbase launched support for EU residents to make fiat currency withdrawals to online payment system PayPal a feature that was earlier released for U.S. users only.

Besides, Coinbase added Bitcoin (BTC) support to its Coinbase Wallet app, where the customers can store their own digital currencies secured by their unique private keys.