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Coinbase Inc ($COIN), the cryptocurrency exchange that made its public debut a couple of weeks back is set to acquire crypto data analytic firm Skew. Skew is a popular crypto analytic firm known for offering in-depth market analysis of various crypto assets. Coinbase would integrate the Skew data on its platform for users to have a better understanding of the crypto market.
The cryptocurrency exchange has partnered with the data analytics firm back in 2018. Skew in its official blog claimed that the acquisition would help both the companies to take the crypto ecosystem forward.
By joining Coinbase, the skew will benefit from a widely increased set of resources which will allow us to accelerate the pace of the platform’s development and support our product ambitions. We very much look forward to working with the Coinbase team to combine skew’s leading analytics platform and derivatives expertise with Coinbase’s best-in-class institutional product suite.
Today, we are incredibly excited to share the news that skew will be joining @Coinbase to continue our journey of unlocking institutional adoption of the cryptoeconomy!https://t.co/QHOAXbAVik
— skew (@skewdotcom) April 30, 2021
The US-based crypto exchange’s public debut was met with much fanfare where many called it a breakthrough moment for the crypto ecosystem, as the crypto exchange with over 50 million registered users was among the highest valued company to make its public debut. The stock performance of the exchange might not have been phenomenal since its debut, but it has continued to work towards availing crypto services to millions of US customers.
Coinbase on an Ecosystem Building Spree
The acquisition of a prominent crypto analytics and data firm comes just a day after the exchange opened a PayPal payment option for the US customers that would allow users to buy cryptocurrency on the platform using their Paypal linked Debit or Credit card.
The acquisition is subject to customary closing conditions and is expected to close in the coming month. The acquisition by Coinbase also indicates the growing influence of crypto analytical firms, especially with the rising adoption. Only last month, Chainalysis another prominent crypto analytics firm saw participation from TIME owner in its recently closed $100 million funding round that also took its valuation into billions.
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