US crypto trading platform Coinbase has just officially confirmed it has acquired the crypto prime broker Tagomi.
The Block has reported the value of the transaction could reach 70-100 million dollars, meaning it is one of the largest acquisitions of the exchange to date.
The acquisition of Tagomi will allow Coinbase to keep working on the development of the institutional side of its business, which includes professional trading services and custody.
The agreement was first announced back in November. Shortly afterwards, it was known Tagomi was in talks with several exchanges, including Binance. The agreement between Coinbase and Tagomi still must be approved by the regulators and is expected to be formally closed by the end of 2020.
Tagomi allows institutional investors to execute trades at the best possible prices available in the market. The company's investors include Pantera Capital, Digital Currency Group and Peter Thiel's Founders Fund.
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