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Coinbase Purchases Neutrino for $13.5 Million, It Could Legitimize Crypto

Digital Currencies are Shocked, Bitcoin Falls Below $6,000 on ETF Rejection and Bank Report (article)

The cryptocurrency exchange Coinbase purchased an Italian firm that uses a controversial software, according to an article in Bitcoinmagazine (legal documents are dated February 15, 2019 for the purchase). There are several members of the Bitcoin and Crypto Community that are raising ethical questions as this firm is said to be linked to a software team in the past – Hacking Team which is said to be in the malware and spyware businesses. Some of the community members have raised their voices about this acquisition. Marco Valleri and Alberto Ornaghi were both founders of the firm, Hacking Team and Neutrino`s CEO, Giancarlo Russo, joined Hacking Team in 2004 as COO, according to this article.

“Neutrino`s technology is the best we have encountered in this space, and it will play and important role in legitimizing crypto, making it safer and more accessible for people all over the world,” was printed in the announcement after the acquisition. The blockchain startup will help prevent theft of funds on Coinbase, as well as investigate ransomeware attacks when they come up. It is also designed to identify the culprits using its suite of tools. The analytical strengths can help Coinbase add new features and tokens to its platform, while according to the report, ensure “compliance with local laws and regulations.”

According to the article, Coinbase says Neutrino will not go through any rebranding efforts as it will operate in London as an independent entity out of Coinbase`s London office. This exchange sees this as one more acquisition as a step in the right direction in creating an open financial system. Information for this article sourced from Bitcoin Magazine.

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