American cryptocurrency giant Coinbase acquires Skew, an enterprise-grade blockchain data analytics platform.
Greg Taussar, VP of Institutional Products at Coinbase, announced this Friday, stating that the new acquisition will help clients make more informed trading decisions using real-time data analytics.
“We are delighted to integrate skew data analytics platform with Coinbase Prime so that our clients can monitor cryptocurrency markets and derivatives in real time. With Skew, we want to arm professional traders with dynamic, aggregated market data presented in a very rich format, all within a brokerage firm. Great market leader
The acquisition is part of Coinbase’s broader institutional customer service strategy. The exchange will continue to serve Skew’s institutional clients, including One River Asset Management and Susquehanna International Group, Tusar said.
“While participating in Coinbase is a unique opportunity for Skew’s continued growth, we remain very focused on supporting our customers and working with our partners in the ecosystem. We believe our customers’ commitments and offerings will be further strengthened through our partnership with Coinbase, ”Skew wrote in Blog Today on Friday.
The company has indicated that Coinbase has been a Skew customer since the launch of Skew Analytics two years ago. “We have not only developed a strong and positive relationship with the Coinbase team, but also experienced firsthand their impressive product-centric culture with a focus on compliance and corporate compliance,” the company said.
Skew is headquartered in London and founded in 2018 by CEO Emmanuel Gault and COO Tim Noath, with the goal of making crypto markets more transparent and achieving institutional adoption. The company grew rapidly and attracted over 100 clients. Skew has also created a place with a blend of traditional financial services and crypto expertise with the heads of major US institutions such as JPMorgan, Goldman Sachs, and Citi.
The news came just weeks after Coinbase hit the Nasdaq. In the immediate aftermath of the April 14 listing, several Coinbase executives, including CEO Brian Armstrong and CFO Alesya Haas, sold hundreds of thousands of COIN shares and raised millions of dollars.
Coinbase actively acquired companies prior to listing. In January 2021, Coinbase acquired Bison Trails, a fully managed blockchain infrastructure provider, to secure a “key component” in its growing ecosystem of products. The deal allegedly cost Coinbase approximately $ 80 million. The company previously acquired Routefire to begin implementing trading to further enhance Coinbase Prime’s suite of tools and services.