Cryptocurrency exchange Coinbase made it to the headlines multiple times this year. The bull run following Bitcoin halving nearly destroyed the exchange as several users complained about issues pertaining to its application as well as the webpage. However, the exchange was back on track and was recently in the news after it announced its decision to go public. While that is still under the wraps, the crypto exchange revealed its latest acquisition of a crypto startup.
Coinbase Acquires Routefire For An Undisclosed Amount
Routefire was rolled out to elevate the crypto trading scene. The platform offers a trading tool that aids in the accomplishment of substantial orders with increased speed. While Coinbase has time and again been called out for its “outages” during the high volatility of the crypto assets, the incorporation of Routefire’s trading tool could pose as beneficial to the exchange. In an elaborate blog post, penned down by Jason Victor, the CEO of Routefire, he affirmed that Coinbase had acquired the startup.
He pointed out that the Routefire platform would no longer function and would be teaming up with Coinbase to execute its mission of incorporating “advanced trading infrastructure” to the dynamic cryptocurrency industry. Victor further revealed that Routefire would aid Coinbase Prime. He added,
“After an incredible journey that began in early 2018, it is with pride and a deep sense of gratitude that today we are announcing we will be discontinuing Routefire’s services and our team will be joining Coinbase to continue developing best-in-class execution services for digital assets.”
Additionally, Victor expressed his gratitude and thanked its users for supporting the platform over the years. While the blog post did not reveal the money involved in the deal, the company’s website affirmed that there were only seven employees including CEO Victor in Routefire.
This deal affirmed that the adoption of crypto on an institutional level was surely high as prominent cryptocurrency exchanges like Coinbase were boosting their game.