Business & Investment

Coinbase establishes Israeli R & D center and acquires Unbound Security

Coinbase, the world’s largest cryptocurrency exchange company, announced today that it has acquired an Israeli cryptocurrency and key management and protection company. Unbound security.. According to PitchBook, financial details have not been disclosed, but Unbound Security has raised $ 40 million so far and was valued at $ 160 million when it completed its latest funding round last year. bottom. Coinbase is estimated to pay Unbound Security hundreds of millions of dollars.

Coinbase also announced that the acquisition of Unbound Security will be the basis for establishing an R & D center in Israel. Over the years, US companies expect to grow significantly into “one of the world’s most sophisticated technology centers.”

Unbound Security has 75 employees, including 50 in its Israeli office in Petatikba. Coinbase will start operations in Petah Tikva, Israel, but Unbound Security co-founder and CEO Professor Yehuda Lindell said: Having a big name, it’s okay to hire people in Israel like Apple and Google, so Coinbase can do that too. “

Lindell founded Unbound Security in 2015 with Professor Nigel Smart and Vice President R & D Guy Peer.

Unbound Security uses Multi-Party Computation (MPC) to protect different types of cryptographic keys and passwords that allow access to cryptocurrency assets. The situation today is that the theft of cryptocurrency keys can lead to the theft of cryptocurrency assets. MPC-based technology can create additional protection mechanisms through encrypted data held in multiple locations, and can only access crypto assets with the cooperation of multiple entities. Unbound Security sells its products to large companies, and it’s currently unclear whether they will continue to work with other customers or work with Coinbase alone.

“This was a huge opportunity for us to bring deep technology to the world and solve real problems, thanks to the strength of Coinbase behind us,” Lindel said of the decision to sell the company. , Can have a big impact. “

Unbound Security investors include Innovation Endeavours, Citi Ventures, BlueRed and Ohad Finkelstein.

Israeli Business News, Published by Gloves- -November 30, 2021.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.

Coinbase establishes Israeli R & D center and acquires Unbound Security Coinbase establishes Israeli R & D center and acquires Unbound Security

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