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Bitcoin exchange giant Coinbase has acquired Chainalysis's competitor Neutrino to strengthen its compliance efforts and regulatory relationships. Neutrino uses blockchain badysis to identify the potential for money laundering or other illegal transactions in the blockchain. Until its acquisition, this company was one of the few companies that developed in the field of blockchain badysis. His work mainly benefits cryptographic exchanges, regulators and other centralized powers.
According to Coinbase, companies like Chainalysis, Whitestream and Elementus are "necessary" in an "open financial system".
"The intelligence of the blockchain is increasingly important in the ecosystem of crypto-badysis and is necessary to achieve our mission of bringing the open financial system to the world. By badyzing data on public blockchains, Neutrino will help prevent theft of funds from people's accounts, investigate ransomware attacks and identify bad actors. It will also help us to offer more crypto currency and features to more people, while ensuring compliance with local laws and regulations. "
Coinbase chose to buy the company at an undisclosed price. The Neutrino team will leave its headquarters in Italy to settle in the offices of Coinbase in London.
Coinbase: Bitcoin Bank Extraordinary
The acquisition of Coinbase has long been mocked by the Bitcoin community and other cryptocurrencies and is part of an "anti-crypto" list of charges.
Congratulations to Coinbase for the acquisition of the start-up Neutrino chain badysis!
FYI, the CEO, Giancarlo Russo, was the former COO of HackingTeam (https://t.co/qyQ6mLU8XE), who had sold "offensive intrusion and surveillance capabilities to governments, law enforcement agencies, law and businesses ". pic.twitter.com/VVza5AjIYa
– Arjun Balaji (@arjunblj) February 19, 2019
Neutrino CEO Giancarlo Russo was formerly Chief Operating Officer of HackingTeam, the government security contractor who was hacked in a famous way in 2015. Documents leaked by HackingTeam attackers showed that the company was helping willingly repressive governments, including Saudi Arabia,.
Members of the crypto community are hostile to anything that can lead to censorship. This is the bottom line for many.
If this leads to censorship, it is poison.
weird flex, but ok?
Goodbye @coinbase I do not want my data, my identity and my encrypted property data to be transmitted to each government agency on a silver platter. https://t.co/13iQ20evnk
– Meltem Demirors (@Melt_Dem) February 19, 2019
Very little of the Coinbase business model has been favored by longtime members of the cryptographic community.
Nevertheless, Coinbase has become an $ 8 billion business despite regular complaints. Its notorious customer support and various compliance initiatives often spawn. Whatever you have to say against them, they have done a great job in welcoming millions of people. People who otherwise might not have been able to join the world of cryptocurrency.
Just another big step to @coinbase Be the @Facebook crypto in the worst possible way
– BitFormPayments (@bit_form) February 19, 2019
Can we now have a crypto ETF?
According to Coinbase, the neutrino is superior to Chainalysis, a leader in the field.
"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 users around the world."
Coinbase Product and Engineering Manager Varun Srinivasan added in an interview with CoinDesk:
"We want to bring them to the US market and the international market and present them to companies that do all kinds of things with cryptography that need a blockchain intelligence."
Is the blockchain intelligence the last kilometer?
We have regulated depositories, stock exchanges, payment processors and a thriving community of enthusiastic users. We also have several multi-million dollar companies dedicated to preventing fraud and money laundering. Can we now have a Bitcoin ETF?
Market venerability is an important element of the SEC's concerns with respect to cryptocurrency investment products. A lingering fear is the market manipulation potential of Bitcoin. The charges against Bitfinex and Tether for the 2017 race do not help.
Featured image of Shutterstock
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