Coinbase buys Israeli firm Unbound Security

Karthik Subramanian

Coinbase, one of the largest crypto exchanges in the US, has announced that it has bought the company named Unbound Security, an Israel-based firm dealing with the security of crypto transactions, for an undisclosed sum.

The other details of the transaction were also not made public but it adds to the growing number of acquisitions that Coinbase has been making during this year as it seeks to increase its userbase and expand its operations over and beyond the US.

Multiple Acquisitions This Year

This is the third acquisition just in November after it had acquired the customer support firm Agara in India and had also acquired the BRD wallet along with the team as well. This shows that the platform is looking to aggressively expand on its services as it seeks to improve its customer service and also ensure that the transactions made on its platform are done in a quick and highly secure manner.

The number of active monthly users of the platform dipped to 7.4 million from 8.8 million in the second quarter but the company does not seem to be too perturbed by this as the market generally tries to ebb and flow depending on the price volatility. If the volatility is low, then it is likely that most of the traders would not want to trade their holdings and in these situations, the market activity tends to become low and slow. This is the case not only with Coinbase but with almost all the crypto exchanges as well as they depend a lot on the price volatility.

Foray Into Israel

It should be noted that this is Coinbase’s first foray into the Israel region and though it has not sought to open its trading operations there, it seems to want to have a footprint in a country that is known to be enterprising and has made strong technological strides over the last decade or so and this should be a valuable addition for the platform as it opens up the possibility of more such technology-related deals in the region.

Coinbase would also be looking to ensure that it stays in line with the various regulations in different jurisdictions as any kind of practice that is going to ruffle the feathers of the SEC or the other regulators is going to make things very difficult for the crypto platform.

Read this next

Institutional FX

Integral also grapple with weak FX volumes in December

Foreign exchange trading volumes dropped in December across Integral’s trading platforms as many traders were away on annual leave and currency markets saw a relatively quiet period. December volumes outpaced those of last year, though turnover is still down month-over-month.

Digital Assets

BitMEX to turn German bank into regulated crypto products powerhouse in Europe

The historic German bank is already a leader in the application of blockchain technology and offers a range of digital assets banking services, including custody, tokenization, efficient payment transactions, and regulatory secure market access.

Industry News

CryptoUK appoints Teana Baker-Taylor as non-executive director

“CryptoUK is moving the needle on policy and regulatory framework development to ultimately build trust and protect all participants, from retail investors to the crypto industry players”

Retail FX

Skilling raises €10m to expand brokerage further after triple-digit growth in 2021

“This fundraising round represents the beginning of the next phase of Skilling’s growth as we further assert ourselves in the fintech industry”

Industry News

oneZero adds two more FX veterans, Indu Maheshwari and Kevin Verardi

The news of Indu and Kevin’s appointments comes a month after Jim Sullivan was announced as the company’s General Counsel, where he will be responsible for the company’s global legal function, based in New York.

Technology

Pareto Securities goes live with Broadridge’s OMS for low and high touch agency trading

The solution combines order management, market connectivity and smart order router (SOR) components developed by Itiviti, which was acquired by Broadridge last year in a $2.5 billion deal.

Retail FX

INGOT Brokers taps Acquity and Signal Centre for MT4/5 EAs and news analytics

INGOT Brokers is helping traders cut through the noise and get a clearer picture of the emerging market trends as well as better spot trading opportunities with AI-powered signals.

Digital Assets

Can the Ripple lawsuit be traded with Wrapped XRP to circumvent XRP delisting in US?

wXRP is a derivative product that is pegged to the digital asset that the SEC claims to be a security in what has been dubbed “the cryptocurrency lawsuit of the century”.

Digital Assets

e-CNY wallet downloads swell, but actual usage disappoints

China’s central bank has released a wallet app for payments and money transfers using the digital yuan earlier this month. Although the e-CNY wallet was the most downloaded app in January, but according to a Reuters report the actual use in transactions has been far less impressive.

<