The US cryptocurrency exchange Coinbase has made another strategic acquisition, this time in a key area of blockchain infrastructure.
Coinbase announced on Tuesday that it has acquired blockchain infrastructure provider Bison Trails, a transaction that provides a “foundation element” for its evolving product ecosystem.
Coinbase stated:
“Through the alliance, we aim to bring the advanced technology that the Bison Trails team has developed and will continue to develop to more projects and companies around the world.”
Coinbase said that Bison Trails will continue to operate as an independent product.
Bison Trails was established in 2018 and has won a good reputation in the blockchain industry. In November last year, Bison Trails launched the QT protocol, allowing developers to develop on Facebook’s upcoming Libra blockchain. Bison Trails also pioneered a new technology that solves the serious penalties associated with double-signed messages, which is considered one of the biggest risks of participating in the blockchain.
Joe Lallouz, CEO of Bison Trails, told Cointelegraph that he and co-founder Aaron Henshaw officially launched their company to the world in March 2019. At the time, Bison Trails was advertised as the first “infrastructure service company designed for the next generation of blockchain networks.”
He said: “Looking back at that announcement, and admitting that since then, despite the rapid development and evolution of the ecosystem, our approach has hardly changed during this time, which is really amazing.”
He added:
“We are very pleased to join Coinbase as an independent product line in Coinbase’s portfolio and become the third pillar of Coinbase’s cryptographic services for developer tools and ecosystem development.”
As for Coinbase, the top cryptocurrency exchange has been consolidating its already strong industry position and is expected to conduct an initial public offering later this year. As Cointelegraph reported earlier this month, Cointelegraph reported earlier this month that Coinbase recently acquired the Routefire platform, a move that will significantly improve transaction execution and help prevent severe downtime during periods of volatility.
Coinbase has more than 35 million authenticated users in more than 100 countries. Coinbase reported that the cumulative transaction volume has exceeded $320 billion, which further confirms that the digital asset market will continue to exist.
