A few moments ago, the team at Coinbase informed the crypto and investor communities of their new acquisition of Neutrino, a blockchain intelligence platform. The tweet went on to explain that the new acquisition will be pivitol in legitimizing cryptocurrencies and making the industry safer and more accessible to everyone. The full tweet can be found below.
What Exactly is Blockchain Intelligence and How Does Neutrino Do it?
Blockchain intelligence involves the analysis of data on public blockchains. Neutrino does this by developing solutions for monitoring, analyzing and tracking cryptocurrency flows across multiple blockchain networks. This provides a better understanding and insight into the whole cryptocurrency ecosystem.
One of the most important uses of blockchain intelligence is providing solutions for law enforcement. By tracking suspected funds across multiple blockchains, the services and tools provided by Neutrino can assist in making the crypto ecosystem more secure and safe. An example of a situation where blockchain intelligence can make a difference is tracking funds collected by the architects of ransomware. Neutrino can identify geographical areas where the ransomware is active and spot the wallets used for consolidating funds and for cashing-out. These wallet addresses can then be blacklisted by exchanges where the perpetrators might want to cash out. Another scenario would be freezing the funds if the wallet addresses are in the said crypto exchanges.
The team at Coinbase further explains why they acquired Neutrino and how the acquisition will help prevent crime on the blockchain.
Neutrino will help us prevent theft of funds from peoples’ accounts, investigate ransomware attacks, and identify bad actors. It will also help us bring more cryptocurrencies and features to more people while helping ensure compliance with local laws and regulations.
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 people all over the world.
What are your thoughts on the current trend by Cryptocurrency exchanges acquiring blockchain companies? We have seen it with Coinsquare acquiring StellarX and now Coinbase acquiring Neutrino. Is it a sign of growth in the industry? Please let us know in the comment section below.
[Feature image courtesy of Unsplash.com]
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