Coinbase Acquires a Blockchain Intelligence Platform, Neutrino

Coinbase, one of the top cryptocurrency exchanges, announced that it has acquired a blockchain intelligence platform startup Neutrino. The financial terms of the acquisition are not disclosed.

Founded in 2016, Neutrino's comprehensive platform helps financial services companies and law enforcement agencies to analyze, track and investigate bitcoins’ blockchain and other virtual currencies transactions.

For law enforcement agencies, Neutrino has developed XFlow nSpect for criminal investigations and intelligence gathering. For crypto space fintech companies, Neutrino provides XFlow nSight solution for compliance procedures by assessing the KYC/AML risk of your crypto-financial assets

Executive opinion

In a blog post, Engineering Director, Varun Srinivasan, Coinbase, said, "Blockchain intelligence is increasingly important in the crypto ecosystem, and is necessary to achieve our mission of bringing the open financial system to the world. By analyzing data on public blockchains, Neutrino will help us prevent theft of funds from peoples’ accounts, investigate ransomware attacks, and identify bad actors. It will also help us bring more cryptocurrencies and features to more people while helping ensure compliance with local laws and regulations."

He further added, "Neutrino’s technology is the best we’ve encountered in this space, and it will play an important role in legitimizing crypto, making it safer and more accessible for people all over the world."

What's Next

The announcement noted that Neutrino technology will be used for improvement in overall compliance processes, trustworthiness, and transparency. It will be further used to improve customer experience by better protect the end-to-end integrity of customers' cryptocurrency transactions.

Neutrino will continue to operate as a standalone business out of their London office.