Cryptocurrency exchange Coinbase has acquired a startup from San Francisco Distributed Systems, which specializiruetsya on developing solutions in the field of digital identification. Details of the deal were not disclosed, however, according to the representative of Coinbase Brennen Byrne (Brennen Byrne), consisting of five people, the project team will be included in the unit of the crypto currency exchange also dealing with the issue.

It is expected that the use of blockchain technology in the process of user identification will give them the ability to fully control your digital identity and use of personal data, ensuring their safe storage. In Coinbase realize the importance of this direction and we intend to thoughtfully approach the development and implementation of digital identity, having considered the advantages and difficulties associated with anonymity, privacy, and the inability to make changes to the data on the blockchain.

Recall that in a newly published report the experts of Group-IB concluded that at the moment none of cryptocurrency exchange, regardless of the extent and duration of operating history, does not provide absolute security to its users. And today it became known that from-for problems with saving identification data AT&T customer it lost $24 million in cryptocurrency and intends to sue them and another $200 million.