Top-tier crypto exchange Coinbase is reportedly finalizing the acquisition of cryptographic security firm Unbound Security, in a bid to set up an Israel-based research center. 

Specifically, Coinbase reportedly revealed its initiative to acquire Israel-headquartered Unbound, with a primary goal of tapping into the firm’s cryptographic security professionals, together with setting its foot in the nation. 

The exchange reportedly mentioned projects from Unbound in multi-party computation, to equip users with the “virtually impenetrable nature of cold, offline storage, with the frictionless convenience of hot, online wallets.”

“We’ve long recognized Israel as a hot bed of strong technology and cryptography talent, and are excited to continue to grow our team with some of the best and brightest minds in these fields. The Unbound Security team will form the nucleus of this new research facility, which we plan to grow over time.” Coinbase further remarked. 

The Unbound purchase is the most recent of a few acquisitions for the exchange heavyweight, after finalizing its public listing on NASDAQ in April, helping the firm reach the approximate $100 billion figure in valuation. 

In November, the team at crypto wallet provider BRD reportedly disclosed details regarding its intention of becoming a part of Coinbase, in an attempt to “help accelerate Web 3.0 adoption” as well as provide “deep expertise in self-custody.”

Coinbase is yet to share the terms of the Unbound purchase. The exchange has already completed the acquisition of a few companies, nominallyAgara, an artificial intelligence-enabled support platform with operations in India, data aggregator Zabo, and data analytics platform Skew, with each agreement likely in the millions if not more.