Coinbase to acquire analytics platform Skew

The Nasdaq-listed cryptocurrency exchange Coinbase announced an impending acquisition of the data provider for cryptocurrency derivatives markets, Skew.

We’re excited to announce the acquisition of @skewdotcom a leading institutional data analytics platform. https://t.co/5PMqOj8Oq8

— Coinbase News (@CoinbaseNews) April 30, 2021

The deal value was not disclosed. Its closing is expected in the second quarter.

The exchange plans to connect Skew’s services to its institutional-investor trading platform Coinbase Prime. The tools will complement its existing functionality.

“Large clients require an accurate valuation of assets. After the deal they will have access to dynamic, aggregated real-time market data for trades on the spot and derivatives markets in a convenient format.” — wrote Greg Tousar, vice president of the platform.

According to the executive, more than 7,000 institutional investors entrusted Coinbase with $122 billion, which is more than half of its total assets ($233 billion as of March 31, 2021).

Since its founding in 2018, Skew has served more than 100 clients, including One River Asset Management and Susquehanna International Group.

In April 2020, Skew raised $5 million in funding. The firm timed the launch of its trade-execution service and electronic brokerage platform for institutional clients to this event.

In the same year, Coinbase acquired cryptocurrency prime broker Tagomi for $75 million.

In January 2021, the cryptocurrency exchange acquired Routefire service, which specializes in executing large cryptocurrency trades. It also bought the blockchain infrastructure solutions provider Bison Trails.

ForkLog has previously reported Coinbase’s leadership in mergers and acquisitions since 2013.

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