The American cryptocurrency giant Coinbase buys Skew, a platform for enterprise-class data analysis.
Greg Taussar, VP of Institutional Products at Coinbase, announced this Friday that the new acquisition will help customers make more informed trading decisions using real-time data analytics.
“We are pleased to integrate skewed data analytics platform with Coinbase Prime, which will enable our clients to monitor cryptocurrency markets and derivatives in real time. With Skew, we equip professional traders with dynamic, aggregated market data presented in a convenient format, all in the brokerage firm. Main 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 represents a unique opportunity for Skew’s continued growth, we remain very focused on supporting our customers and collaborating with our partners in the ecosystem. We believe our customers’ commitments and offers will be further strengthened through the partnership with Coinbase, “Skew wrote in a blog post 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 have also experienced first-hand their impressive product-oriented culture, focus on compliance and business space,” the company said.
Headquartered in London, Skew was founded in 2018 by CEO Emmanuel Goh and COO Tim Noat with the goal of making crypto markets more transparent and pursuing institutional adoption. The company has grown rapidly and today has over 100 customers. Skew has also set up an office that combines traditional financial services and cryptocurrency expertise with executives from major US organizations such as JPMorgan, Goldman Sachs and Citi.
The news came just weeks after Coinbase was announced on Nasdaq. Immediately after listing on April 14, 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 before its listing. In January 2021, Coinbase acquired Bison Trails, a fully charged infrastructure provider, to offer a “core product” to the growing ecosystem of products. The deal allegedly cost Coinbase about $ 80 million dollars. The company previously acquired Routefire to begin trading with a view to further improving the Coinbase Prime suite of tools and services.