Coinbase announced last Tuesday, November 30, through its Twitter account, the acquisition of Unbound Security: one of the most sophisticated security companies in the world. According to the company, joining forces with Unbound Security will allow them to provide the highest levels of security in a way that is simultaneously frictionless, yet virtually impenetrable.
“Today, we announce the next phase of our security journey with the acquisition of Unbound Security. Based in Israel, it is a pioneer in a number of cryptographic security technologies, including the emerging field of Multi-Party Secure Computing (MPC), a highly advanced technology for which Unbound Security co-founder Yehuda Lindell is a world leader”, he said through an article posted on his website.
In his view, with this acquisition, Coinbase not only gains access to some of the most sophisticated cryptographic security experts in the world, including the co-founder of Unbound Security and current Vice President of Research and Development, Guy Peer, who brings more than 20 years of experience in crypto security, but also a presence in Israel, a well-established and fast-growing tech hub. This presence in Israel will add a powerful additional tip to Coinbase’s global talent acquisition strategy, closely following recent advancements in engineering talent bases such as India, Singapore and Brazil.
According to the company, cryptocurrencies cannot grow without strong crypto and strong security, but they must also be easy to use. Secure Multi-Party Computing is an application of advanced math to enable crypto assets to be stored, transferred, and deployed more securely, easily, and flexibly than ever.
Furthermore, he highlighted that the crypto economy is growing exponentially with a myriad of new use cases such as staking, DeFi, DAO, and NFT. Unfortunately, so are the threat vectors and complexities for participants to securely manage their cryptographic private keys. Technologies like MPC will enable these innovative use cases to come to life in a safe and user-friendly way. MPC will accomplish this by protecting our clients’ assets with a technique that provides the virtually impenetrable nature of offline cold storage, with the frictionless convenience of online hot wallets. Over time, MPC’s capabilities will allow new features in our consumer, institutional and cloud products to participate in the crypto economy.
“The technological expertise that we will gain through this acquisition, we also plan to establish a technology center of excellence in Israel that will ensure that Coinbase is always at the forefront of security and blockchain technology. We have long recognized Israel as a hotbed of strong tech and crypto talent, and we are excited to continue growing our team with some of the best and brightest minds in these fields. The Unbound Security team will form the core of this new research facility, which we plan to grow over time”, he said.