Coinbase buys Israeli firm Unbound Security
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.