On April 30, Coinbase announced that it will acquire Skew, a crypto market institutional data visualization and analytics platform, and that Coinbase Prime, Coinbase’s institutional subsidiary, will integrate Skew’s data. Its goal is to make “the cryptocurrency market more transparent and accessible to institutional investors.
Coinbase to Acquire Data Analytics Firm Skew
According to an official blog post, Skew, the company behind the crypto data and analytics site Skew.com, will be acquired by Coinbase. Skew’s comprehensive data showcases spot, futures and options market data for bitcoin (BTC) and ethereum (ETH), which have been used by numerous crypto industry service providers to publish reports on the cryptocurrency derivatives market.
The platform was created by CEO Emmanuel Goh and COO Tim Noat in 2018. Skew’s offerings have been very popular over the past two years, and the Skew team says they are looking forward to joining the Coinbase family and believe it will expand the company’s long-term growth.
Skew said, “Joining Coinbase will provide an unparalleled opportunity for Skew’s continued growth. We remain focused on supporting our customers and working with our ecosystem partners. We believe that our customer commitment and service will be further strengthened by working with Coinbase.”
Skew for Coinbase’s seventh acquisition since 2018
Coinbase has made several acquisitions over the past two years, but the acquisition of Skew is the first acquisition deal made after the company’s recent Nasdaq listing. Since 2018, Coinbase has acquired six startups, including Neutrino, which was controversial and had some of its employees fired after the acquisition. (In March 2019 Coinbase and the Neutrino team decided to fire Neutrino employees who had worked at Hacking Team; in 2020 Coinbase CEO Brian Armstrong admitted that the Neutrino acquisition was a mistake)
In addition to this acquisition, as of January 19, 2021, Coinbase’s acquisitions include Distributed Systems, Blockspring, Routefire, Tagomi, and Bison Trails.
The team behind Skew noted that the company has long had a good relationship with San Francisco crypto giant Coinbase and “witnessed their impressive product-oriented culture firsthand.” However, the official announcement did not disclose the exact purchase price. “Skew and Coinbase have a high degree of alignment, so Coinbase provides a great home for our team.”
According to the announcement made by Coinbase, the Skew data analytics platform will be integrated with Coinbase Prime, thus enabling clients to track the cryptocurrency spot and derivatives markets in real time. With Skew, Coinbase will provide professional traders with dynamic, aggregated market data that is presented in a highly actionable format.
More than 7,000 financial institutions currently use Coinbase as their one-stop-shop for accessing crypto markets. As of March 31, 2021, the Coinbase platform is expected to have total assets of $223 billion, with more than half of those assets ($122 billion) coming from institutions.
Coinbase expects to complete this acquisition in its second fiscal quarter.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/coinbase-announces-first-acquisition-since-ipo-will-acquire-data-analytics-platform-skew/
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