Crypto giant Coinbase is set to acquire skew, announced on the last day of the month. Skew is an institutional-grade blockchain data analytics platform that provides real-time data analytics to investors which results in a better trading experience.
Coinbase Acquisition of Analytic Platform – Skew
The announcement was made on Friday by the Vice president of institutional products of Coinbase, Greg Tusar. His statement reads;
“that the new acquisition will help customers make more informed trading decisions by using real-time data analytics. We’re excited to integrate skew’s data analytics platform with Coinbase Prime, allowing our customers to track cryptocurrency spots and derivatives markets 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 added.
It is not the first time that Coinbase has acquired any company before going public. At the beginning of this year, the exchange has tied with Bison Trails that facilitates a fully managed blockchain infrastructure. The acquisition of Bison trails aims to have a foundational element within its growing ecosystem of products.
The deal cost $80 million that time. Acquiring trading execution startup ‘Routefire’ has further improved Coinbase’s prime suite of tools and services.
Coinbase Strategy Behind Accession
The acquisition is part of Coinbase’s broader strategy to serve institutional clients. According to Tusar,
“The exchange will continue to serve Skew’s institutional customers, which include One River Asset Management and Susquehanna International Group. While joining Coinbase represents an unparalleled opportunity for skew’s continued growth.”
While the analytics platform skew wrote in a blog post that, “we remain acutely focused on supporting our clients and working with our ecosystem partners. We believe our client commitment and offers will only be further enhanced by partnering with Coinbase.”
Furthermore, since the launch of Skew Analytics around two years back, Coinbase has always been a Skew client. According to the firm,
“We have not only developed a strong, positive relationship with the Coinbase team but have witnessed first-hand their impressive product-led culture, focus on compliance, and commitment to the institutional space.”