Coinbase acquires Skew cryptocurrency market analysis tool
Coinbase announced the acquisition of the cryptocurrency market analysis company, hoping to add functionality for institutional traders.
Cryptocurrency exchange Coinbase has acquired skew, a UK-based data analytics company for cryptocurrency markets, enabling the exchange to provide real-time data analytics to institutions and traders who take advantage of its platform.
According to a Coinbase announcement today, the acquisition is part of its work to strengthen services for institutional clients. According to Greg Tusar, vice president of institutional products at Coinbase, access to high-quality data is “essential for institutions evaluating investments in crypto assets.”
“We are excited to integrate skew’s data analytics platform with Coinbase Prime, allowing our customers to track the cryptocurrency spot and derivatives markets in real time,” Tusar said, according to the announcement. “With skew, we will provide professional traders with dynamic and aggregated market data, presented in a highly actionable format, all within our market-leading prime brokerage.”
The integration of skew could help institutional Coinbase users benefit from a more in-depth analysis of the bitcoin market.
Terms of the financial deal were not disclosed and are expected to be finalized in Coinbase’s fiscal second quarter. The announcement noted that Coinbase will continue to serve existing skew customers.
Recently, Coinbase reported significant revenue growth, estimating $ 1.8 billion in total revenue and 6.1 million monthly transaction users in the first quarter of 2021.
âBy joining Coinbase, skew will benefit from a vastly increased set of resources that will allow us to accelerate the pace of platform development and support our product ambitions,â skew said in his own statement.
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