Acquired skew for crypto asset data analysis
Coinbase, a cryptocurrency exchange, announced that it will acquire the data analysis platform skew. The acquisition is expected to close next month, and the amount of the acquisition has not been disclosed at this time.
Founded in 2018, skew has provided analytical data on crypto asset spots and derivative transactions to more than 100 institutions. It is also available to individuals, and in October 2020, the service will be charged.
With the acquisition of skew, Coinbase customers will not only be able to trade and store crypto assets, but will also be able to “analyze the crypto asset market” entirely on Coinbase.
After the acquisition, skew announced a policy to continue to provide services to existing users.
To strengthen services for institutional investors
The acquisition of skew is to strengthen its commitment to the institutional market, Greg Tusar, vice president of institutional products, said in a press release.
Access to high-quality data is essential for institutions that make crypto investment decisions. Through this acquisition, Coinbase wants to strengthen our commitment to serve the expanding institutional market.
Coinbase is currently developing exchange and sales office functions for individual investors, as well as OTC desks (prime broker colleges) and custody to meet the needs of financial institutions.
According to a press release, more than 7,000 financial institutions are using Coinbase, which was listed on the US Nasdaq on April 14.
In addition, as of March 31, assets from institutional investors recorded 122 billion dollars (about 13.3 trillion yen). It accounts for about 54% of the total assets of the platform.
After the acquisition, skew will be integrated into Coinbase Prime, a coin-based crypto asset prime brokerage platform, to provide data for professional traders.
Increasing demand for data in the crypto asset market
Coinbase isn’t the only one focusing on cryptocurrency market analysis data. In the crypto asset industry, which has many unique terms, obtaining appropriate information can be a barrier for new entrants.
Fidelity Investments, a major asset management company, announced on April 29, the digital asset data analysis tool “Sherlock”.
This is also a service for institutional investors and is said to be a comprehensive analytical tool in the digital asset market.
Relation:Fidelity to provide digital asset analysis services for institutional investors
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“Cryptocurrency” means “cryptographic assets”