Leading U.S. crypto exchange Coinbase has acquired trade execution startup Routefire. The terms of the deal were not disclosed.

"While we'll no longer be supporting the Routefire platform, we are very excited to continue on our mission of bringing advanced trading infrastructure to the rapidly developing cryptocurrency markets by joining Coinbase," Routefire wrote in a blog post Thursday, adding:

What's the Key to Winning a Hackathon?

14:01

Everything You Need to Know About the EasyA Consensus Hackathon

00:59

Ether-Bitcoin Ratio Drops to Lowest Since April 2021

01:39

Tornado Cash Developer Alexey Pertsev Appeals Guilty Verdict; CME's Plan for Spot Bitcoin Trading

14:32

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

"We remain deeply committed to this ecosystem and are excited to help develop Coinbase’s market-leading suite of institutional products, which provides the true end-to-end solution that we believe best meets our customers' needs."

A Coinbase spokesman confirmed the deal but declined to comment.

Additional resources in the trading infrastructure realm couldn't come soon enough for the San Francisco-based crypto exchange. Coinbase has seen intermittent outages in recent days as bitcoin has surged to unprecedented highs currently near $40,000 per coin.

It is Coinbase's first acquisition of the new year, albeit likely a small one. The website of the San Francisco-based Routefire shows a team of seven led by CEO Jason Victor.

In 2020, Coinbase's acquisition of crypto prime broker Tagomi helped the exchange execute mega bitcoin buys for MicroStrategy, One River Digital and potentially others.

As institutional interest in bitcoin as "digital gold" continues to ramp up, other firms have sought to strengthen their prime brokerage offerings. Prime brokerage refers to a suite of services tailored to the needs of deep-pocketed investors.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

02

11

42

48

Coinbase Acquires Routefire to Beef Up Institutional Bitcoin Offering

Leading U.S. crypto exchange Coinbase has acquired trade execution startup Routefire. The terms of the deal were not disclosed.

What's the Key to Winning a Hackathon?

10 Years of Decentralizing the Future

What's the Key to Winning a Hackathon?