Coinbase to Acquire Data Analytics Platform Skew

Crypto exchange Coinbase says acquiring Skew will enable it 'to provide real-time actionable data analytics to institutions and traders.'
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Coinbase Global  (COIN) - Get Report, the largest cryptocurrency exchange in the U.S., said Friday it would acquire Skew, a data visualization and analytics platform for cryptocurrency markets.

Terms weren't disclosed. The deal is expected to close in the second quarter.

Shares of the Wilmington, Del., company, which recently went public, at last check were off nearly 1% to $293.

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Greg Tusar, vice president of institutional product at Coinbase, said in a statement that with the deal, the company will "continue to unlock institutional participation in the cryptoeconomy."

Integrating Skew’s data-analytics platform with Coinbase Prime will enable Coinbase clients "to track cryptocurrency spot and derivatives markets in real time. With Skew, we’ll arm professional traders with dynamic, aggregated market data, presented in a highly actionable format," he said.

Based in London, Skew was co-founded in 2018 by Chief Executive Emmanuel Goh and Chief Operating Office Tim Noat. 

Before he co-founded Skew, Goh traded single-stock options at JPMorgan and digital assets at Blockchain.com. Likewise, Noat traded single-stock options at Citigroup and exotic products at UBS.

The company has more than 100 clients, including One River Asset Management and Susquehanna International Group. Skew has 23 employees, according to its LinkedIn page.

Coinbase has been a Skew client since it launched Skew Analytics two years ago, Skew said.

"Excited to be starting this next chapter soon at Coinbase - stay tuned!" Goh said.

Earlier this month, Coinbase made history when it became the first cryptocurrency exchange to go public.

The shares surged more than 70% on their trading debut, valuing the cryptocurrency platform at more than $115 billion.