Blockchain intelligence startup Neutrino has been acquired by crypto exchange and wallet Coinbase for an undisclosed amount.
Based in Italy, Neutrino develops solutions for monitoring, tracking and analyzing cryptocurrency flows across multiple blockchains. The company has two products: XFlow nSight for financial services and XFlow nSpect for law enforcement. XFlow nSight has special features to support compliance procedures by assessing the KYC/AML risk of crypto-financial assets. While XFlow nSpect provides advanced, unique features for criminal investigations and intelligence gathering.
Coinbase said that they acquired Neutrino because they believe blockchain intelligence is necessary to achieve their mission of bringing the open financial system to the world.
“By analyzing data on public blockchains, Neutrino will help us prevent theft of funds from peoples’ accounts, investigate ransomware attacks, and identify bad actors,” Coinbase said. “It will also help us bring more cryptocurrencies and features to more people while helping ensure compliance with local laws and regulations. Neutrino’s technology is the best we’ve encountered in this space, and it will play an important role in legitimizing crypto, making it safer and more accessible for people all over the world.”
Neutrino said that they will help Coinbase become “the most trusted and easiest to use cryptocurrency exchange,” while continuing to operate as a standalone business.
“As Coinbase continues building out more products and services, Neutrino technology and expertise will be used to improve compliance processes, trustworthiness and transparency, as well as to better protect the end-to-end integrity of customers’ cryptocurrency transactions as much as possible,” Neutrino said. “We decided to join Coinbase because we’re totally aligned with the company’s mission of building an open financial system and we believe that our expertise will play a vital role. We share the same commitment to regulation, compliance and security in the cryptocurrency space.”
Source: Read Full Article