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.