Leading cryptocurrency exchange Coinbase is on a roll, and is all set to overtake Biancne as the largest crypto exchange by volume. Over the past couple of months, many firms and exchanges have challenged Bianance’s superiority. Among the top names to rival Binance are Coinbase and Crypto.com. With recent Tweets from Elon Musk about the shady behavior of Biancne with their Dogecoin investors, the largest crypto exchange is finding itself in a tough spot. Making matters worse, their top rival Coinbase is expanding international business at a rapid pace. Their latest acquisition of Unbound Security in Israel marks a solid presence in the Middle East. It coincides with a time when the Middle East is gradually opening up to crypto. Unlike some countries where crypto has been present for a long time, even poorer countries in the Middle East and North Africa are opening up to cryptocurrencies.
With the purchase of Unbound Security, Coinbase is also trying to gain regulators’ trust. Regulators have had a tough time inspecting crypto exchanges for repeated instances of crimes related to cryptocurrencies. With the help of Unbound Security’s existing security infrastructures, Coinbase will be able to ensure more secure transactions to its customers.
Coinbase also has plans to set up a research and development hub in Israel. Israel has some of the best minds in the world when it comes to technology, and Coinbase will make full use of it. After the acquisition of crypto wallet provider BRD, Unbound Securities is another major purchase by Coinbase in 2021.