Tusar pointed out “We’re excited to integrate skew’s data analytics platform with Coinbase Prime, allowing our customers to track cryptocurrency spot 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.”
The takeover is a one among the wider plan of Coinbase to assist institution level customers. As per Tusar, the cryptocurrency exchange will serve Skew’s institutional clients on an ongoing basis. This includes One River Asset Management and Susquehanna International Group.
In a blog post, Skew wrote “While joining Coinbase represents an unparalleled opportunity for skew’s continued growth, we remain acutely focused on supporting our clients and working with our ecosystem partners. We believe our client commitment and offering will only be further enhanced by partnering with Coinbase.”
The company pointed out that Coinbase has been a customer of Skew since it rolled out Skew Analytics two years back. The firm stated: “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.”
Skew, headquartered in London, was co-founded three years back by CEO Emmanuel Goh and COO Tim Noat with an objective of improving transparency in cryptocurrency market, while driving institution level adoption.
The company has recorded sharp growth, adding up over 100 clients so far. Skew has also setup a team having expertise in conventional financial services and cryptocurrencies. The team comprises of executives from top US institutions such as Goldman Sachs, JPMorgan and Citi.
The news has come just a fortnight after Coinbase got listed on Nasdaq. Soon after the firm turned into a public entity, multiple Coinbase executives, including CFO Alesia Haas and Brian Armstrong offloaded several thousands of Coin stock and realized millions of dollars as profit.
Before getting listed, Coinbase was actively taking over firms. Back in January, Coinbase tookover Bison Trails, a completely administered blockchain framework provider, in an attempt to own a “foundational element” within its increasing product offerings.
The acquisition was made at an unconfirmed cost of about $80 million. Earlier, the company took over Routefire, a firm offering trading execution technology, to additionally enhance its Coinbase Prime bouquet of tools and other services.