The leading US cryptocurrency exchange ecosystem Coinbase has confirmed that it has reached an agreement with the Tagomi brokerage platform on its acquisition. What does this mean for the blockchain segment?
Acquisition confirmed
In an official statement, the Coinbase team has announced that they agreed to acquire Tagomi, an institution-level crypto brokerage platform. Through this expansion, Coinbase plans to advance its presence in the crypto infrastructure of the world’s top hedge fund and macro investors.
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
Coinbase highlights that this acquisition is one more step on its path to dominance in institutional cryptocurrency services. Previously, it upgraded Coinbase Custody and launched special margin trading options for institutions.
Segregated portfolio features were implemented for further diversification of large trader strategies.
Lastly, the platform hired a dedicated officer, Brett Tejpaul, the Head of Institutional Coverage, to curate this aspect of adoption.
Upgrade for the leadership
Within the business structures of Coinbase, Tagomi will account for the advance of professional trading functions. First and foremost, the new branch will offer prime brokerage services.
With this acquisition, Coinbase will be able to provide services to top clients they have come to expect in forex and equities trading.
This acquisition is subject to further approval from regulatory bodies. So, the Coinbase team expects it to be closed by the end of the year.
As we recently reported, Coinbase CEO Brian Armstrong has also hinted at an upgrade to the user interface of his service.
