Officially: Coinbase Acquired Tagomi
The largest cryptocurrency exchange in the United States Coinbase has officially confirmed the acquisition of prime broker Tagomi.
We're excited to announce that we've agreed to acquire @tagomisystems, the leading crypto prime brokerage platform. The deal will round out our institutional product suite and provide prof. investors and funds an all-in-one solution for crypto trading. https://t.co/Qij2FmcX7M
— Coinbase (@coinbase) May 27, 2020
The biggest deal of Coinbase
The parties did not disclose the terms of the deal, but according to various estimates, the amount ranges between $70 and $100 million. The acquisition of Tagomi has become one of Coinbase’s largest deals.
Reliance on institutional investors
Coinbase decided to acquire Tagomi due to a turning point in the industry. As a matter of fact, institutional investors who need professional services have started to come to the market.
Six months rumors - rebut - confirmation
Recall that the first leak on the Internet appeared in the fall of 2019, but then both sides rebut rumors. The regulator has yet to check the deal, and if all goes according to plan, then it will be officially closed before the end of this year.
We previously wrote that the Bitfinex Exchange has launched a custodial solution for institutional. One of the largest exchanges Bitfinex earned more than $ 21 million in the first quarter of 2020. In general, the popularity of decentralized exchanges has grown significantly this year.