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Coinbase acquires Israeli cybersecurity company Unbound



Coinbase has acquired the Israeli cybersecurity company Unbound, strengthening its custody and cybersecurity capabilities.

The exchange announced on Tuesday that Coinbase had acquired cybersecurity company Unbound Security. Unbound is a Tel Aviv company using a new type of cryptography to store digital assets. The companies haven't announced a price for the acquisition, but Unbound has raised about $ 40 million since it was founded in 2017, meaning Coinbase would have had to pay way more than that to acquire it.

The acquisition comes at a time when hackers were attempting to pose a threat to crypto businesses after Coinbase announced that more than 6,000 customers were victims of a SIM card phishing scam. Coinbase said:

“We have long known that Israel is a hot spot for strong tech and cryptography talent, and we look forward to growing our team with some of the best and brightest in these fields. The Unbound Security team will form the core of this new research facility that we plan to expand over time. ”

Announcing the deal, which is still ongoing, Coinbase also said it will set up a new research center in Israel that will focus on the intersection of blockchain and security, and members of Unbound will form the initial core of the center.

The unbound deal is just the latest in a series of acquisitions Coinbase has made recently. These include the purchase of the machine learning startup Agara this month as well as the purchase of the data service Skew and the infrastructure provider Bison Trails earlier this year.

With crypto prices remaining volatile, Coinbase announced in August that it had hoarded a war chest valued at around $ 4 billion in cash in preparation for a potentially harsh crypto winter brought about by a decline in crypto -Retail volume and higher operating costs driven by regulatory hurdles. The company reported sales of $ 1.2 billion and profits of $ 406 million for the third quarter of 2021.

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