Cryptocurrency exchange Coinbase has announced it plans to acquire Israeli-based cybersecurity firm called Unbound Security. The acquisition will enable MPC's use cases to come to life securely and in a way that is user friendly, Coinbase said in a press release.
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"MPC will deliver on this by protecting our customers’ assets with a technique that provides the virtually impenetrable nature of cold, offline storage, with the frictionless convenience of hot, online wallets," the exchange hopes.
While Coinbase did not specify about deadline, the exchange plans to add MPC capabilities for its features across consumer, institutional and cloud services. The acquisition, however, is yet subject to customary closing conditions and is expected to close in the coming months.
Founded in 2013, the Tel Aviv-based firm is specializing in MPC (multi-party computational) technology. The firm raised over $35 million in three funding rounds from Citi Ventures, Evolution Equity Partners, and others.
Earlier in November, Coinbase acquired Agara, an Indian AI-powered support platform, to deliver "world-class support for customers." According to reports, the size of the deal was between $40 million and $50 million.
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