Coinbase, one of the largest cryptocurrency exchange platforms, has completed to acquisition of Skew, an institutional level blockchain analytic system.
Coinbase’s current vice president of institutional products, Greg Tusar, made an announcement to the press on Friday, stating that their new acquisition will support customers research and decision-making prowess by providing them with real-time data and analytics.
The recent purchase is being implemented into Coinbase’s wider strategy as they look to broaden their services to cater to institutional clientele. The exchange will retain its existing service arrangements with Skew’s institutional customers, which include both One River Asset Management and Susquehanna International Group.
Skew noted that Coinbase has long been a client of Skew since its launch in 2018, going on to state in the post “We have not only developed a strong, positive relationship with the Coinbase team” whilst also noting that Coinbases’ commitment and focus to compliance and institutions.
Skew was co-founded by CEO Emmanuel Goh and COO Tim Noat and operates from its headquarters in London, with objectives to make crypto markets more transparent by providing access to high quality data to drive institutional adoption. The firm has seen rapid growth, accumulating over 100 clients so far. Skew also established a bench with an array of traditional financial and crypto expertise, even securing deals with executives from major U.S institutions including JPMorgan, Goldman Sachs and Citi.
The news followed a week prior to Coinbase’s move to go public on Nasdaq. Shortly after listing on April 14, CEO Brian Armstrong and CFO Alesia Haas as well as several other executives sold thousands of COIN shares totaling millions of dollars.
Coinbase was aggressively investing in cryptocurrency businesses prior to the firm going public on the Nasdaq. Coinbase made the purchase of Blockchain infrastructure provider, Bison Trails in January 2021 to secure a “foundational aspect” within its expanding ecosystem of products and services. Reportedly, the acquisition had cost Coinbase approximately $80 million.
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