Nasdaq-listed cryptocurrency exchange Coinbase has announced acquiring the popular real-time analytics for crypto derivatives, Skew. This news comes as the M&A trend continues to sweep the realm of digital assets.
Coinbase’s press release for the same revealed that the move demonstrates its commitment to work for the flourishing institutional market that has rapidly 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 exchange’s institutional prime brokerage platform, will enable the customers to track cryptocurrency spot and derivatives markets in real-time. Following the acquisition, the company’s Greg Tusar Vice President, Institutional Product stated,
“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.”
Coinbase will continue to serve the blockchain data analytics platform’s institutional customer base, which includes One River Asset Management and Susquehanna International Group.
Skew was founded in 2018. Notably, Coinbase has been its client since it rolled out Skew Analytics a year later. The main objective of the platform is to make crypto markets more accessible to the growing cohort of institutional players. The company has witnessed rapid growth over the last two years and currently boasts over 100 customers.
Skew had recently raised $5 million after unveiling its trade execution platform to assist its new brokerage services.
Commenting on the workings between the two companies over the course of the past two years, Skew’s team acknowledged developing a strong, positive relationship and went on to add,
“There is a strong alignment between skew and Coinbase and as a result, Coinbase makes a great home for our team. We believe this is a pivotal moment for skew, but also more broadly for driving access to premium and high-quality data and derivatives knowledge to support the crypto industry at large. “
Coinbase’s Previous Acquisitions
This happens to be the first major deal after Coinbase went public on the 14th of April. Earlier in January, it had reportedly acquired trade execution startup Routefire in a bid to fortify institutional Bitcoin offering.
The platform’s acquisition of the crypto infrastructure provider, Bison Trails was also a crucial one in 2021 which represented a bigger push to enable its internal solutions to new client segments.