Coinbase Acquires Trade Execution Startup Routefire
- The terms of the deal are not yet unveiled.
- Routefire thanked its users and shared its future goals as part of the announcement.
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Digital currency exchange, Coinbase, has obtained trade execution infrastructure provider Routefire with the aim to strengthen its institutional bitcoin offering. The acquisition was announced via a blog post on January 7, but no information on the terms of the agreement was published.
As part of the blog post, Routefire expressed gratitude to its supporters and although its services will be discontinued, the team will still continue to develop execution services for digital assets as part of Coinbase. The announcement goes through the path of the startup, from its founding in 2018 and how the crypto market looked back then, to the mission that the team followed throughout the years, and some achievements.
Routefire shared its beliefs that Coinbase’s end-to-end solution is what their customers truly need, adding:
“We are very excited to continue on our mission of bringing advanced trading infrastructure to the rapidly developing cryptocurrency markets by joining Coinbase.”
With just a team of 7 (as shown on its website), Routefire is a rather small acquisition for Coinbase. This is the first for 2021, after the acquisition of crypto brokerage Tagomi in May 2020.
- A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
- The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
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- Coinbase’s Base blockchain was made available to the public on Wednesday, featuring over 100 dApps and services as part of its ecosystem.
- In order to show its capabilities and promote its mainnet partners, Base has also launched an event called “Onchain Summer” that will allow users to mint exclusive NFTs on the network.
- During an interview with FT, CEO Brian Armstrong said that before the lawsuit a SEC staff member had said that all crypto except BTC was security, and should be delisted.
- When asked how he came to that conclusion, the SEC staff member reportedly said “we’re not going to explain it to you, you need to delist every asset other that Bitcoin”.