- General
- May 27, 2020
- 4 minutes read
Coinbase Snaps Up Tagomi
Coinbase CEO Brian Armstrong. Photo credit: Steve Jennings/Getty Images for TechCrunch, under Creative Commons license Crypto company Coinbase has announced it’s…
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| Coinbase CEO Brian Armstrong. Photo credit: Steve Jennings/Getty Images for TechCrunch, under Creative Commons license |
Crypto company Coinbase has announced it’s reached a deal to acquire Tagomi, a New York-based cryptocurrency brokerage that has raised funding from the likes of Founders Fund, Sequoia Capital, Digital Currency Group, and 8VC’s Joe Lonsdale. Tagomi is known to have raised $28 million in total funding since its inception. According to Forbes, Coinbase is ponying up between $75 million and $100 million to acquire Tagomi, and impressive is the fact that Tagomi launched only 18 months ago.
Coinbase is apparently acquiring Tagomi to boost its institutional crypto trading business. Having found sizeable success in the consumer crypto trading realm, Coinbase has turned to institutional trading to further bolster its business. Among the company’s institutional services include crypto asset management, compliance services, and advanced trading capabilities such as margin trading. Coinbase says it’s seen a swell in demand for its services from institutional investors over the past year. Recently, the company poached Brett Tejpaul, a veteran of British financial multinational Barclays, to head its institutional services efforts.
Tagomi’s acquisition will allow Coinbase 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,” quoting a statement from the company. With Tagomi’s acquisition, Coinbase will be getting individuals with experience from leading traditional finance firms such as Goldman Sachs, Citadel, USV, and Tower Research.
Tagomi is currently led by co-founders Greg Tusar, Jennifer Campbell, and Marc Bhargava. Its acquisition by Coinbase is expected to be completed later this year, currently subject to regulatory approvals and other customary closing conditions.
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