Coinbase is to purchase the UK-based crypto resource firm Skew to enhance its efforts for providing real-time actionable data analytics to traders and institutions. Both parties said that Skew’s platform will be integrated with Coinbase Prime.
Founded in 2018 in London, UK, Skew is a cryptocurrency-oriented data analytics company providing investors with “modern, credible, and regulatory compliant tools.”
The firm announced that Coinbase has agreed to acquire it and classified the news as a “fantastic milestone” in its mission to “make cryptocurrency markets more transparent and accessible for institutional investors.”
“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.” – added Skew’s statement.
The largest US exchange said that it will integrate Skew’s data analytics platform with Coinbase Prime in order to serve its institutional clients better. The implementation will enable company customers to track crypto spot and derivatives markets in real-time.
“With Skew, we will arm professional traders with dynamic, aggregated market data, presented in a highly actionable format, all within our market-leading prime brokerage.”
This is yet another big news coming from Coinbase in recent weeks. As previously reported, the giant exchange highlighted its significant growth in Q1 2021 with a 300% increase in the trading volume and a revenue of nearly $2 billion.
Shortly after, Coinbase became a publicly traded company after a direct listing on Nasdaq.