Coinbase acquires crypto brokerage startup
Tagomi Systems is now part of the growing portfolio of the cryptocurrency company
Yesterday, it was announced that one of the largest cryptocurrency exchanges in the world has acquired a startup called Tagomi Systems Inc. This is a Peter Thiel-backed cryptocurrency brokerage startup that was founded in 2017, and the last time this company was in the news was when it acquired a New York Department of Financial Services BitLicense in March. This brokerage startup combines services provided at the institutional level with an innovative execution technology for digital currencies and assets. The amount of the transaction between the two parties was not disclosed.
Tagomi empowers institutional investors and active traders to trade across markets by taking trade orders and place them across multiple exchanges to get the best possible price in the market. Just by looking at the leaders behind the company, there is plenty of talent. The co-founder and CEO, Greg Tusar, used to be the global head of electronic at Goldman Sacks. Then, co-founder Jennifer Campbell was formerly with Union Square Ventures. The Chief Compliance Officer, Venu Palaparthi, used to work as a vice president at Nasdaq. Inc.
During the 18 months that the company has operated, it has climbed to the point of becoming the platform of choice for advanced traders, hedge funds and family offices. Coinbase stated that this acquisition is going to increase the company’s offering to advance traders and more sophisticated investors. “The addition of Tagomi will round out our product suite for the fast-growing institutional trading market,” Coinbase said in a blog post. “It will allow us to offer custody, professional trading features and prime brokerage services on one platform, giving sophisticated investors the seamless, powerful trading experience they have come to expect in equities and FX markets.”