Coinbase CEO: Neutrino Wasn’t the Easy Decision but the Right Outcome

The much controversial acquisition of Neutrino by Coinbase has raised the hackles of the crypto community. The latest revelation by the Coinbase head of sales, Christine Sandler, only managed to make things worse as she said,

“They (current providers) were selling client data to outside sources and it was compelling for us to get control over that and have proprietary technology that we could leverage to keep the data safe and protect our clients.”

Now, co-founder and CEO of Coinbase, Brian Armstrong has come forward and is trying to get things straight after receiving much backlash and #DeleteCoinbase movement currently running in the market.

Sharing the back story on this acquisition and taking the decision to go forward with this, Armstrong threw light on his mission which requires them to empower people to access cryptocurrency.

“Our mission as a company is to create an open financial system for the world. To do this, the first step is to empower as many people as possible to get access to cryptocurrency.”

However, he points out that due to the money being tied up with the traditional financial system, Coinbase needs to be compliant with laws and regulations and hence the implementation of know-your-customer (KYC) and anti-money-laundering (AML) that involves blockchain analytics.

In order to provide blockchain analytics, Coinbase worked with several outside vendors but they didn’t cover all the assets that Coinbase has on its platform. After examining the players, Coinbase found that “Neutrino had some of the best technology in this area, and decided to acquire them.” Brian says they didn’t evaluate Neutrino on their perspective of mission and values but only much recently.

“We took some time to dig further into this over the past week, and together with the Neutrino team have come to an agreement: those who previously worked at Hacking Team (despite the fact that they have no current affiliation with Hacking Team), will transition out of Coinbase.”

Brian acknowledges that sometimes there needs to be practical trade offs but this wasn’t the right one. Now, in order to become the most, secure, trusted and, legally compliant crypto company, they will fix this issue and would serve its customers in another way.

Crypto community is appreciating Brian’s turn to transparency and putting it out there for the people while further taking the steps forward.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide