According to the acquisition agreement, Coinbase bought the Neutrino startup for $ 13.5 million which was reportedly signed on Wednesday, March 6.
The legal document is dated February 15. The document contains the exact amount of the contract of sale of two companies. The document states that the exchange agreed to acquire “units of the corresponding common property, representing the entire share capital of the company [Neutrino]”.
According to the document the founders of Neutrino, technical director Alberto Orangi, CEO Zhancarlo Russ, and CRO Marco Valeri will receive $ 2.9 million each in proportion to their shares in Neutrino. Meanwhile ‘360 Capital’, an EU venture capital firm that invested $ 565,000 in Neutrino in 2017, is reported to receive $ 4.99 million.
When the contract was signed, the notary paid each founder $ 487,000 and 360 Capital received $ 4 million. The remaining amount – more than $ 8 million – is presumably stored in the Credit Suisse trust account associated with the company.
Coinbase acquired Neutrino in mid-February saying at that time that the company would continue to operate as an independent business in its London office. Later a cryptographic community found out that the founders of Neurino were directly associated with the Hacking Team, a controversial division of information technology that allegedly sold offensive supervision to governments, law enforcement agencies, and corporations around the world.
After the news, the crypto community launched the hashtag #DeleteCoinbase urging users to disconnect from Coinbase. In response to this Brian Armstrong co-founder and CEO of Coinbase said that Neutrino employees with previous connections to the controversial software firm Hacking Team will switch from their new roles.