Coinbase (COIN), the major US cryptocurrency exchange, is to acquire the popular data analytics platform Skew. The listed crypto exchange announced this on April 30.
Skew, formerly Skew Markets, was founded in 2018, and will integrate with Coinbase Prime, the exchange’s trading arm for institutional investors later this year. It is unknown for what amount Skew was acquired by Coinbase.
Coinbase has been an increasingly popular exchange for institutional investors since 2019. The crypto exchange reports that it now manages $ 223 billion in assets. More than half, $ 122 billion, comes from institutions.
“We know that access to quality data is essential for institutions investing in crypto assets. That’s why we’re excited to integrate Skew’s data analytics platform with Coinbase Prime so that our clients can track cryptocurrency spot and derivatives markets in real time.
With Skew, we provide professional traders with dynamic, aggregated market data presented in a highly usable format, all within our market-leading prime brokerage. ”
Said Coinbase Vice President Greg Tusar, who reports that more than 7,000 financial institutions use Coinbase. Coinbase was listed on Nasdaq a few weeks ago, accompanied by a new all-time high (ATH) for bitcoin (BTC). The crypto exchange recently announced that customers can now buy crypto through PayPal.
Earlier today, it was revealed that the large asset manager Fidelity is going to set up its own crypto analysis platform similar to Skew, called Sherlock.