Coinbase acquisition of Neutrino was for $13.5 million

06 Mar, 2019
by David Robb
Exchange
Coinbase acquisition of Neutrino was for $13.5 million

More details have emerged about Coinbase's recent purchase of software company Neutrino. The controversial deal was worth $13.5 million, according to a document shared with Bitcoin Magazine.

Coinbase bought out Neutrino on February 19, apparently in order to help develop its own security measures, and the news of the acquisition of the Italian firm was soon met with considerable criticism from the crypto community. The Neutrino team shared members with Hacking Team, a group of developers who had previously been involved with creating spyware and malware that was linked to digital state surveillance and major privacy violations.

Read more: Coinbase technology partner denies collecting, selling customer dataCoinbase removing Neutrino execs: "Last minute attempts to save face"

Coinbase eventually caved to pressure from the community, including a #DeleteCoinbase movement that saw around 1000 users close their accounts, and cut ties with the specific Neutrino members who had been a part of Hacking Team. 

Although they will no longer be working with Coinbase, these individuals may still have profited handsomely from the deal. The recently released document reports that Coinbase paid out $13.5 million in order to acquire Neutrino's entire share capital. As well as shares held by company execs, this also included those of 360 Capital, a French VC firm that had a 33 percent stake in the firm after investing $565,000 back in 2017.

Read more: Why isn't XRP on Coinbase?; will it ever get listed?4 cryptocurrency exchanges closed in 2019: what happened?

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Read more about: Coinbase

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