Coinbase has announced the acquisition of cryptocurrency market analytics firm skew, with hopes of adding features for institutional traders.
Cryptocurrency exchange Coinbase has acquired skew, a U.K-based data analytics firm for cryptocurrency markets, allowing the exchange to provide real-time data analytics to the institutions and traders who leverage its platform
Per 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, high-quality data access is “essential for institutions assessing investments in crypto assets.”
“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,” Tusar said, per the announcement. “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 integration of skew could help institutional users of Coinbase take advantage of deeper bitcoin market analysis.
The terms of the financial deal remain undisclosed and is expected to close in Coinbase’s second fiscal quarter. The announcement noted that Coinbase will continue to serve skew’s existing customers.
Recently, Coinbase has reported significant growth in revenue, estimating $1.8 billion in total revenue and 6.1 million monthly transacting users in the first quarter of 2021.
“By joining Coinbase, skew will benefit from a widely increased set of resources which will allow us to accelerate the pace of the platform’s development and support our product ambitions,” skew said in its own release.