Coinbase: User Data Sold to Third Parties

One of the leading and major American crypto exchange and wallet, Coinbase had announced the news of Neutrino acquisition last month, 19th February. This announcement from this exchange was aiming the superior blockchain technology tools of the Neutrino for KYC and stop laundering of money. Soon, after this announcement, the focus went on the professional backgrounds of the co-founder of Neutrino. As per some reports, the co-founder had been involved in software firm Hacking Team and the spyware was found to be violating legal regulations in the past. After these kinds of reports, people started opposing Coinbase with tags like #DeleteCoinbase.

Now the director of institutional sales of Coinbase, Christine Sandler has made his official statement defending the move of Neutrino acquisition. However, the made statement was even more shocking. As per his statement, it was very necessary to leave the present client data providers as they were found to be selling the data of users. He also admitted that the organization was aware of the backgrounds of the co-founders of Neutrino. He added that the company couldn’t tolerate the privacy and safety of the data of its users and as the company noticed that the previous clients were selling user data, it became important for them to look for a better alternative. Sandler said the technology provided by Neutrino was really industry leading and best-in-class and the neutrino acquisition would bring some tools of this technology to Coinbase enhancing the safety of the data of the user.

Coinbase is one of the largest cryptocurrency exchange in the world. It has its headquarter in San Francisco, California. It has been an exchange hub of various cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash etc with the fiat currencies of various countries. The company had revenue of around $1 billion in 2017.