United States, Jan 9, 2021 /AlexaBlockchain/ – Coinbase has acquired trading execution platform Routefire, which specializes in the execution of large transactions in cryptocurrency.
San Francisco-based startup Routefire was founded in 2017. The project develops solutions targeted at institutional investors that allow fast execution of large orders with minimal costs and little impact on asset prices.
“While we’ll no longer be supporting the Routefire platform, we are very excited to continue on our mission of bringing advanced trading infrastructure to the rapidly developing cryptocurrency markets by joining Coinbase,” Routefire wrote in a blog post Thursday, adding:
“We remain deeply committed to this ecosystem and are excited to help develop Coinbase’s market-leading suite of institutional products, which provides the true end-to-end solution that we believe best meets our customers’ needs.”
According to information on the Routefire website , the startup previously raised venture capital investments from Blockchain Capital, Hustle Fund and FJ Labs.
With the new acquisition, Coinbase is looking to expand its brokerage business. The amount of the deal was not disclosed.
Last year Coinbase acquired leading crypto broker Tagomi for $75 million. It helped Coinbase in executing mega Bitcoin purchase worth $425 million for MicroStrategy. The exchange also excuted large transactions for One River Digital and potentially others.
As institutional interest in bitcoin as “digital gold” continues to ramp up, other firms have sought to strengthen their prime brokerage offerings. Prime brokerage refers to a suite of services tailored to the needs of deep-pocketed investors.