The American crypto giant Coinbase will establish a development center in Petah Tikva

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The company behind the world’s largest crypto exchange, Coinbase, has announced that it will acquire the Israeli startup Unbound and make it its first development center outside the United States.

Brian Armstrong, CEO of Coinbase. Source: Coinbase

The American crypto exchange Coinbase, which has a market value of about $ 70 billion, has announced that it will open a development center in Israel, following the acquisition of the Israeli startup company Unbound Petah Tikva. The companies did not release further details about the deal, but it is estimated that the purchase amount is several tens of millions of dollars, when since its inception, Unbound has raised about $ 40 million and employs about 70 people.

The benefits of a cold wallet and a hot wallet

Unbound is engaged in the field of MPC or Multiparty Computation, which tries to combine the benefits of cold wallets – which are not connected to the network and therefore also more secure – and warm wallets, which are more vulnerable, but also accessible and always available.

A standard encrypted system that transmits information – such as transferring money between cryptocurrencies – keeps the information encrypted while it is being transferred and stored. However during its processing – say at the time of decryption – this information may be exposed for a short period of time, and thus be accessible to attackers who have gained control of the server. Secure multi-participant computing or MPC allows the information to be kept protected at all times – with verification done by a combination of several factors that are unaware of each other. Among other things, the technology can be used in areas such as NFT, the same non-convertible certificates, which are used, for example, for the collection of unique items; DAO; And DeFi, distributed financial technologies. Professor Yehuda Lindel, one of the founders of Unbound, is considered one of the world’s leading experts in the field of safe multi-participant computing.

Unbound was founded in 2015 by Professor Yehuda Lindel together with Professor Nigel Smart and the company has since raised $ 40 million from funds such as Evolution Equity Partners, Innovation Endeavors, Goldman Sachs, Citi and BlueRed Partners. Coinbase’s announcement states that it plans to establish a center of excellence in Israel – “one of the most advanced technology centers in the world.” Coinbase writes in a statement: “We have long thought that Israel is a wonderful platform for advanced technology and talent in the field of cryptography, and we are excited to increase our teams with some of the brilliant minds in these fields.” By the way, Coinbase is proud to be a Remote-first company, with no offices, and hundreds of its employees live in various locations in the United States and around the world.

Unbound is not the only Israeli company operating in this field. Among other things, it also includes Curv, which was acquired by PayPal; And the Israeli unicorn Fireblocks. By the way Fred Arsam, the founder of Coinbase, is one of the investors in Fireblocks.

Yaniv Avital

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