Coinbase Buys Data Firm Skew, Company’s First Acquisition Since the Nasdaq Direct Listing
On April 30, the crypto-focused data analytics company Skew announced the firm has been acquired by the San Francisco company Coinbase. The exchange will leverage Skew’s data with the firm’s institutional subsidiary Coinbase Prime. The goal is to make “cryptocurrency markets more transparent and accessible for institutional investors.”
Coinbase Acquires Analytics Company Skew
Skew, the company behind the crypto data and analytics website skew.com has been acquired by Coinbase according to a recently published blog post. Bitcoin.com News and a myriad of other crypto industry service providers have leveraged Skew’s analytics for reports in regard to cryptocurrency derivatives markets. Skew’s comprehensive data showcases both bitcoin (BTC) and ethereum (ETH) spot, futures, and options market data.
The platform was founded three years ago by Emmanuel Goh and Tim Noat and during the last two years the analytics Skew provides has been quite popular. The Skew team says that it looks forward to joining the Coinbase family and it believes that it will expand the company’s long-term growth.
“Joining Coinbase represents an unparalleled opportunity for skew’s continued growth,” Skew said on Friday. “We remain acutely focused on supporting our clients and working with our ecosystem partners. We believe our client commitment and offering will only be further enhanced by partnering with Coinbase.”
Skew Becomes the Publicly-Listed Firm’s Seventh Acquisition Since 2018
Coinbase has made a number of acquisitions during the last two years, but the Skew acquisition follows the company’s recent listing on Nasdaq. Since 2018, Coinbase has acquired six different startups and one of them was “transitioned out” (Neutrino) after the acquisition became controversial. In addition to that acquisition, Coinbase obtained Distributed Systems, Blockspring, Routefire, Tagomi, and Bison Trails on January 19, 2021.
The team behind Skew has noted that the company had already formed a relationship with the San Francisco crypto giant and “witnessed first-hand their impressive product-led culture.” The blog announcement, however, does not disclose the monetary value of the Skew acquisition. “There is a strong alignment between Skew and Coinbase and as a result, Coinbase makes a great home for our team,” Skew’s announcement concludes.
What do you think about Skew being acquired by Coinbase? Let us know what you think about this subject in the comments section below.