U.S. cryptocurrency exchange Coinbase announced that it will be acquiring crypto data visualization and analytics platform skew.
Coinbase will integrate skew’s data analytics platform with Coinbase Prime. This will allow their users to track cryptocurrency spot and derivatives markets in real-time.
Making the crypto market more accessible
Meanwhile, skew will benefit from the resources that come with being a part of a multi-billion dollar enterprise. The analytics platform is set to accelerate the pace of its development and better support its product ambitions.
The announcement notes that the acquisition is subject to customary closing conditions. It is expected to close in Coinbase’s second fiscal quarter.
CEO Emmanel Goh and COO Tim Noat founded London-based skew in 2018. Their goal was to make cryptocurrency markets more transparent and accessible to institutional finance. The company has now grown to almost 20 employees, with over 100 customers. These include the likes of One River Asset Management and Susquehanna International Group.
Coinbase has also been one of skew’s customers for the past two years. Through this shared experience the company said it feels “strong alignment” with Coinbase, which will make it “a great home for [their] team.”
Coinbase and PayPal
This isn’t the only integration Coinbase has made recently. On April 29, Coinbase announced that its users could make payments with PayPal. They can do this by simply adding PayPal as a new payment method. This will take them to a PayPal login screen.
If their PayPal login uses a different email than their Coinbase account, they must go through a two-factor authentication. Coinbase customers can purchase up to $25,000 a day with their PayPal account.
This partnership is only the latest in PayPal’s further integration into the crypto space. Last month it announced that its users could make payments with cryptocurrencies. Then, the company revealed that users of its mobile payment service Venmo could buy and sell cryptocurrencies through the app.
PayPal CEO Dan Schulman also spoke about the company’s potential future developments into crypto. “Demand on the crypto side has been multiple-fold to what we initially expected,” Schulman said. “There’s a lot of excitement.”