United States leading cryptocurrency exchange company, Coinbase has acquired trade execution startup Routefire. The price of the latest acquisition remains undisclosed at press time.
As for Coinbase, it is one of the biggest deal makers in the crypto space, having acquired more than 20 firms to date include acquisition of Tagomi last year.
Routefire is Coinbase’s first acquisition of 2021. It comes at a time when bitcoin is trading around $40,000 levels, and institutional interest is rising in the crypto space.
Coinbase has already helped mega bitcoin buyers like MicroStrategy and One River Digital execute large trades following its acquisition of Tagomi last year. Tagomi pioneered best-execution in crypto and Coinbase acquired the firm for an estimated $70 million-$100 million in March of last year.
The blog read in part, “After an incredible journey that began in early 2018, it is with pride and a deep sense of gratitude that today we are announcing we will be discontinuing Routefire’s services and our team will be joining Coinbase to continue developing best-in-class execution services for digital assets.
“We’ve had an incredible few years serving this community. When we entered the space, crypto market infrastructure was in its infancy, and traders were sorely in need of a solution that allowed them to execute quickly and efficiently across venues without suffering the market impact common to large block orders.
“Our mission was to enhance trading infrastructure in crypto markets, and we developed one of the most performant tools in the space, routinely filling $1mm+ orders with 50 bps or more in price improvement. Most of all, we enjoyed listening to and partnering with our customers to build the Routefire platform.”