Bitcoin trade mammoth Coinbase has procured Chainalysis contender Neutrino with an end goal to upgrade its consistence endeavors and administrative connections. Neutrino utilizes blockchain investigation to recognize potential tax evasion or other illicit exchanges on the blockchain. Until its securing, it was one of a couple of organizations developing in the space of breaking down blockchains. Its work for the most part benefits crypto trades, controllers, and other incorporated forces. 

“Blockchain intelligence is increasingly important in the crypto ecosystem, and is necessary to achieve our mission of bringing the open financial system to the world. By analyzing data on public blockchains, 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.”

Coinbase has chosen to buy the company outright for an undisclosed price. Neutrino’s team will move from its base in Italy to Coinbase’s offices in London.

COINBASE: BITCOIN BANK EXTRAORDINAIRE
Long the subject of derision at the community level of Bitcoin and other cryptocurrencies, Coinbase’s acquisition is one more in a list of “anti-crypto” charges against it.

Neutrino’s CEO, Giancarlo Russo, formerly worked as Chief Operating Officer for HackingTeam, the government security contractor that was famously hacked in 2015. Documents leaked by the HackingTeam attackers showed that the company willingly aided repressive governments including Saudi Arabia, who wanted to buy the company.

Crypto community members are unfriendly to anything which can lead to censorship. That is the bottom line for many. 

“We want to bring them to the American market and the international market and introduce them to companies that are doing all kinds of things with crypto that need blockchain intelligence.”

Coinbase director of product and engineering Varun Srinivasan added in a CoinDesk interview:

“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.”

Is blockchain intelligence the last mile?

We have regulated custodians, exchanges, payment processors, and a thriving community of enthusiastic users. We also have several multi-million dollar firms dedicated to preventing fraud and money laundering. 

Venerability of markets is an important part of the SEC’s concerns toward cryptocurrency investment products. One persistent fear is the potential for market manipulation in Bitcoin. Such concerns aren’t helped any by the accusations against Bitfinex and Tether regarding the 2017 bull run.