On April 30, Skew, a data analysis company focused on encryption, announced that the company had been acquired by the San Francisco company Coinbase. The exchange will use the company’s institutional subsidiary Coinbase Prime to use Skew data. The goal is to make “the cryptocurrency market more transparent and easy to use for institutional investors.”
Coinbase acquires Analytics company Skew
According to a recent blog post, Coinbase has acquired Skew, the company behind encrypted data and analysis website skew.com. Bitcoin.com News and many other crypto industry service providers have used Skew’s analysis to generate reports on the cryptocurrency derivatives market. Skew’s comprehensive data shows the spot, futures and options market data of Bitcoin (BTC) and Ethereum (ETH).
The platform was created by Emmanuel Goh and Tim Noat three years ago, and the analysis provided by Skew has been very popular in the past two years. The Skew team stated that it looks forward to joining the Coinbase family and believes it will expand the company’s long-term growth.
“Joining Coinbase provides an unparalleled opportunity for Skew’s continued growth,” Skew said on Friday. “We have always focused on supporting our customers and working with our ecosystem partners. We believe that only by working with Coinbase can we further improve our commitment and service to our customers.”
Since 2018, Skew became the seventh acquisition of a listed company
In the past two years, Coinbase has made many acquisitions, but the acquisition of Skew was only completed after the company was recently listed on the Nasdaq. Since 2018, Coinbase has acquired six different start-ups, one of which was “transformed” (Neutrino) after the acquisition caused controversy. In addition to this acquisition, Coinbase also acquired Distributed Systems, Blockspring, Routefire, Tagomi and Bison Trails on January 19, 2021.
The team behind Skew pointed out that the company has established ties with San Francisco’s crypto giants and has “worn witness to their impressive product dominance culture.” However, the blog announcement did not disclose the monetary value of the Skew acquisition. “There is a strong consistency between Skew and Coinbase, so Coinbase provides an excellent home for our team,” Skew’s announcement concluded.
What do you think of Skew being acquired by Coinbase? Let us know your thoughts on this topic in the comments section below.
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