Coinbase acquires startup Distributed Systems to solve security problems

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In its quest to increase the level of security customers, the crypto currency exchange Coinbase has acquired a startup specializing in the development of solutions for digital identity. The Distributed Systems team of a startup from San Francisco, consisting of five people will now increase a unit of the crypto currency exchange dealing with developments in this field. Details of the deal have not been disclosed.

However, as representatives of the exchange, the use of blockchain technology for the process of user identification will allow them full control of your digital personal identification data of each of the customers and provide a high level of security of their storage. Coinbase is fully aware of the importance of development in this direction and intends thoughtful approach to the introduction of innovative solutions for digital identity, considering all the difficulties of creating such tools, compliance with privacy and anonymity as a characteristic feature of blockchain is that you cannot make changes to previously uploaded data.

Security issues affect all kryptomere

In its recent report, the experts of Group-IB noted that, to date, none of cryptocurrency exchanges, regardless of its size and duration of the work in cryptosphere, do not provide absolute safety for customers. Therefore, the problem of secure storage of user credentials for all members of kryptonyte.

Many media outlets today reported that AT&T sued from the client in the amount of $224 million, because of the breach of security of user credentials. Of them the claim for $24 million relates to the theft of cryptocurrency, which occurred because of a violation of the identity, and $200 million in penalties for regular violation of the rules.

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Tags: Coinbase Distributed Systems

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