Coinbase to acquire Skew crypto data analytics platform

United States cryptocurrency large Coinbase is buying institutional-grade blockchain data analytics platform Skew.

Greg Tusar, vp of institutional merchandise at Coinbase, announced the news Friday, stating that the brand new acquisition will assist prospects make extra knowledgeable buying and selling selections through the use of real-time data analytics.

“We’re excited to integrate skew’s data analytics platform with Coinbase Prime, allowing our customers to track cryptocurrency spot and derivatives markets in real-time. With skew, we’ll arm professional traders with dynamic, aggregated market data, presented in a highly actionable format, all within our market leading prime brokerage,” Tusar famous.

The acquisition is a part of Coinbase’s broader technique to serve institutional shoppers. According to Tusar, the trade will proceed to serve Skew’s institutional prospects, which embody One River Asset Management and Susquehanna International Group.

“While joining Coinbase represents an unparalleled opportunity for skew’s continued growth, we remain acutely focused on supporting our clients and working with our ecosystem partners. We believe our client commitment and offering will only be further enhanced by partnering with Coinbase,” Skew wrote in a Friday weblog submit.

The firm famous that Coinbase has been a Skew consumer because it launched Skew Analytics two years in the past. “We have not only developed a strong, positive relationship with the Coinbase team but have witnessed first-hand their impressive product-led culture, focus on compliance and commitment to the institutional space,” the agency stated.

Headquartered in London, Skew was co-founded in 2018 by CEO Emmanuel Goh and chief working officer Tim Noat with a mission to make crypto markets extra clear and drive institutional adoption. The firm has seen speedy progress, accumulating greater than 100 prospects to date. Skew additionally established a bench with a mixture of conventional monetary companies and crypto experience with executives coming from main U.S. establishments comparable to JPMorgan, Goldman Sachs and Citi.

The news comes weeks after Coinbase went public on Nasdaq. Shortly after the itemizing on April 14, a number of Coinbase executives, together with CEO Brian Armstrong and chief monetary officer Alesia Haas, sold hundreds of thousands of COIN shares, netting thousands and thousands of {dollars}.

Coinbase was actively buying firms earlier than going public, although.
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In January 2021, Coinbase acquired Bison Trails, a completely managed blockchain infrastructure supplier, so as to safe a “foundational element” inside its rising ecosystem of merchandise. The deal reportedly cost Coinbase round $80 million. Previously, the agency acquired trading execution startup Routefire to additional enhance its Coinbase Prime suite of instruments and companies.