The US-based cryptocurrency exchange Coinbase acquire skew, according to an announcement. The data analytics platform will integrate with Coinbase prime, allowing the crypto exchange to provide real-time data analytics to the institutional clients.
According to Tusar Greg, VP of Institutional product of Coinbase, the exchange will continue to serve skew’s Institutional customers. It includes One River Asset Management and Susquehanna International group.
“We’re excited to integrate skew’s data analytics platform with coinbase prime, allowing our customer to track cryptocurrency spot and derivatives market 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 noted.
Coinbase has $ 112 billion of assets from more than 7000 financial Institutions as of the end of March. It is more than half of the total assets held on its Platform ($223 billion).
Based in London, Skew was co-founded in 2018 by CEO Emmanuel Goh and COO Tim Noat. It aims to make crypto markets more transparent and drive Institutional adoption. The company has served more than 100 customers, including One River Asset Management and Susquehanna International group. Skew established a bench with a mix of traditional financial services and crypto expertise with executives from major U.S. Institutions. The institution includes J.P.Morgan, Goldman Sachs, and Citigroup.
The firm launched a trade execution platform in April 2020. It raised $5 million in a funding round led by London-based venture capitalist Octopus venture. The deal is expected to close in the second quarter.
The news comes two weeks after Coinbase went public on Nasdaq. After listing on April 14, several Coinbase executives include CEO Brain Armstrong, Chief financial officer Alesia Haas, sold hundreds of thousands of COIN shares, netting millions of dollars.
Coinbase was actively acquiring companies before going public, though. In January 2021, Coinbase acquired Bison trails, a fully managed blockchain infrastructure provides to secure a “Foundational element”. The deal reportedly cost Coinbase around $80 million. The firm acquires trading execution startup Routefire to further improve its Coinbase prime suite of tools and services.
Recently, the exchange also announced to allow users to link their Coinbase wallet to directly their PayPal account. Customers with PayPal accounts can directly purchase cryptocurrency without adding bank details.
