Yahoo Finance Bitcoin Stabilizes Near Support; Resistance Around $56K-$58K
Coinbase said Friday it has agreed to buy data analytics platform skew, allowing the leading cryptocurrency exchange to beef up its offerings to its growing base of institutional clients.
Financial terms weren’t disclosed.
The data analytics platform will be integrated with Coinbase Prime, allowing the crypto exchange to provide real-time data analytics to its institutional clients.
Coinbase had $112 billion of assets from institutions as of the end of March, which is more than half of the total assets held on its platform ($223 billion).
Institutional trade volume has outstripped retail trades every quarter since the second quarter of 2019. By the fourth quarter of last year, the split grew to 64% of trade coming from institutions.
Skew was founded in 2018 with the aim of making crypto markets more accessible to institutional investors, and it now counts more than 100 customers, including hedge fund One River Asset Management.
The firm launched a trade execution platform in April 2020 and raised $5 million in a funding round led by London-based venture capitalists Octopus Ventures.
The deal is expected to close in the second quarter.
See also: Coinbase Pro Delays Rollout of Tether Trading Citing API Issues
