Coinbase Crypto Exchange Acquires Neutrino Startup For $13.5 Million
Neutrino, a blockchain startup from Italy, was acquired for €12 million ($13.5 million) by Coinbase, Bitcoin Magazine reports, referring to the agreement between the two companies.
Each of the three Neutrino founders owned a 22% stake in the startup, the rest of the securities was owned by the 360 Capital firm, which invested more than $560,000 in the company in the spring of 2017.
As a result of the transaction, the American crypto company will pay about $3 million to each of the co-founders of the blockchain startup and almost $5 million to the venture firm. Immediately after signing the deal, Neutrino owners received a part of the funds, the remaining amount will be on the accounts of the bank Credit Suisse, and it is still unknown when it will be paid to the former owners.
The community started to criticize Coinbase sharply immediately after the transaction was concluded. It became known that in 2003 two owners of the startup created the hacker group called Hacking Team, which was selling services to authoritarian states of Central Asia, the Middle East, and North Africa. The hackers created viral software for remote illegal access to information, reading emails, and other actions.
As a result, Hacking Team was called the enemy of the Internet by the non-governmental organization Reporters Without Borders, and the bitcoin community launched the #DeleteCoinbase campaign on Twitter. The company had to respond and dismiss former employees of the hacker group.
Earlier, Christine Sandler, the Head of Sales at Coinbase, defended the deal on purchase of the Neutrino blockchain project.