Coinbase, the San Francisco-based cryptocurrency exchange, announced that it has acquired Neutrino, a Blockchain Intelligence platform.

In a blog post published after the acquisition, the company’s officials said, “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 analysing 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. 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,” it added.

Neutrino was founded in 2016 by a team of cyber security specialists with over 30 years of experience in the field of technology exploitation and intelligence gathering. It offers a platform specifically developed for companies operating in the cryptocurrency ecosystem.

It promises to enhance AML/KYC checks and procedures by setting up customized “red flags” that involve checking the origin of incoming funds, verifying suspicious spending behaviours and more.

Coinbase also announced that Neutrino will continue to operate as a standalone business based out its London office.