Coinbase Acquires Analytics Provider Skew
Coinbase, the cryptocurrency exchange listed on Nasdaq, has announced the acquisition of the popular real-time analytics for crypto derivatives, Skew. This news comes as the M&A trend continues to sweep the digital asset space.
The release Coinbase press release revealed that the move demonstrates its commitment to working for the burgeoning institutional market that has quickly embraced the space this bull season. In short, the latest acquisition is a step towards the crypto exchange's broader strategy to serve more and more institutional clients.
While the financial sum remained undisclosed, the deal is expected to close in the second quarter of 2021.
The integration of Skew's data analytics platform with Coinbase Prime, which happens to be the main institutional brokerage platform in the stock market, will allow clients to track the spot and crypto derivatives markets in real time. Following the acquisition, the company's Vice President of Institutional Product Greg Tusar stated:
"With bias, we will arm professional traders with dynamic, aggregated market data, presented in a highly actionable format, all within our leading market leading brokerage."
Coinbase will continue to serve the institutional client base of the blockchain data analytics platform, which includes One River Asset Management and Susquehanna International Group.
Skew was founded in 2018. In particular, Coinbase has been its client since it launched Skew Analytics a year later. The main goal of the platform is to make crypto markets more accessible to the growing cohort of institutional players. The company has experienced rapid growth in the last two years and currently has more than 100 clients.
Skew had recently raised $ 5 million after introducing its trade execution platform to aid its new brokerage services.
Commenting on the operation between the two companies over the course of the past two years, the Skew team acknowledged having developed a strong and positive relationship, adding:
“There is a strong alignment between the bias and Coinbase and as a result Coinbase is a great home for our team. We believe this is a crucial time for bias, but also more broadly to drive access to premium and high-quality data and derivatives knowledge to support the broader crypto industry. '
Previous acquisitions of Coinbase
This is the first major deal after Coinbase went public on April 14. In early January, it had allegedly acquired the commercial execution startup Routefire in an attempt to strengthen the institutional offering of Bitcoin.
The platform's acquisition of crypto infrastructure provider Bison Trails was also crucial in 2021, representing a further push to enable its in-house solutions to new customer segments.