United States-based digital asset exchange Coinbase is planning to acquire Skew, an institutional-grade blockchain data analytics platform.
The vice president of institutional products at Coinbase, Greg Tusar divulged the development recently. He mentioned that the new acquisition will aid users 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 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.”
It is to be noted that the aforementioned acquisition is part of the exchange’s comprehensive strategy to serve institutional clients. As per Tusar, the crypto exchange will continue to serve Skew’s institutional customers. These include One River Asset Management as well as Susquehanna International Group.
In a recent 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 firm noted that the exchange has been a Skew client since it started Skew Analytics 2 years ago. The firm further mentioned,
“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.”
Notably, the development comes a couple of weeks after Coinbase went public on Nasdaq. Soon after the listing on 14th April, numerous Coinbase executives, including CEO Brian Armstrong and CFO Alesia Haas, sold hundreds of thousands of COIN shares, netting millions of dollars.
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