Coinbase to strengthen security with acquisition of Unbound
Top crypto exchange Coinbase announced on November 30 that it has acquired Israel-based cryptographic security company Unbound Security, a move that would establish the exchange’s presence in Israel.
In an announcement made Tuesday, Coinbase explained that Unbound would offer cryptographic security technologies to its platform, thereby making it more secure and reliable. The acquisition would also allow Coinbase to gain access to the company’s top cryptographic experts.
With the new acquisition, Coinbase would expand its presence in Israel by establishing a tech center in the country. “We’ve long recognized Israel as a hotbed of strong technology and cryptography talent, and are excited to continue to grow our team with some of the best and brightest minds in these fields,” said Coinbase in the announcement.
Unbound Security previously raised over $20 million last year in its Series B funding round. The round was led by Evolution Equity Partners and saw participation from top firms including Goldman Sachs and Citigroup.
Coinbase has made multiple acquisitions and partnerships in 2021. The exchange recently acquired crypto wallet BRD to accelerate its investment in Web 3.0 adoption and self-custody.
The Unbound acquisition will be completed in a few months after meeting the customary closing conditions. The purchase price and other financial terms have not been disclosed.
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