Coinbase is done with a company dedicated to decentralized identity services

[Buenoscoin]

Through a note on his official blog, the CoinbaseCompany announced on Wednesday the acquisition of a startup called Distributed Systems that specialize in the use of blockchain technology to offer decentralized identity services. None of the companies revealed the details of the purchase agreement.

Coinbase, one of the largest stock exchanges in the world to buy and sell cryptocurrencies, is looking for a series of acquisitions to expand its portfolio beyond cryptocurrency exchange services. For this reason, it buys Distributed Systems, a company also from San Francisco, whose mission is "to put users in control over their data and privacy".

Coinbase, which now houses some 20 million accounts and has a valuation of USD $ 8,000 million, given that the Distributed Systems help the company to explore ways to integrate the decentralized identity to the services of its platform. This already has to be attached to the processes of Knowing the Customer (KYC) and anti-money laundering.

The five employees of Distributed Systems, which is relatively unknown for not having a large footprint in social networks, will be immediately incorporated into the identity team of Coinbase. The startup had worked in the past with an open identity standard for users of decentralized applications using blockchain technology.

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