Coinbase has acquired London-based data analytics platform Skew for an undisclosed sum.
The move is aimed at bolstering Coinbase Prime, the company’s institutional offering. According to a Coinbase blog post, the deal will help:
- Provide real-time actionable data analytics to Coinbase’s institutional traders.
- Inform its more valuable customers to make trading decisions.
- Bring Skew’s crypto and financial services experience, particularly with regard to derivatives.
Coinbase will adopt Skew’s institutional customers as part of the deal, including One River Asset Management and Susquehanna International Group.
Skew went from analytics to handling Bitcoin futures
Skew began life in 2018 as a provider of real-time data analytics for crypto derivatives.
Last year, the firm raised $5 million to launch its OTC desk and build its crypto brokerage services.
Skew’s OTC desk focused on Bitcoin futures and options on futures contracts. The platform intended to attract institutional investors (read: whales) moving into the space.
Skew has worked closely with Coinbase for the past two years. Now, Coinbase owns it.
The Coinbase stable is filling up nicely
All those companies helped propel Coinbase to its historic direct listing earlier this month.
[Read more: Coinbase is big — but can it be Amazon big?]
Skew aside, one of Coinbase’s most notable recent buys was blockchain infrastructure company Bison Trails for a reported $80 million.