Popular US cryptocurrency exchange Coinbase has just purchased the crypto trade execution startup Routefire, the latter has announced.
As a result of the transaction, the startup will no longer work on its own platform and will continue to develop digital asset execution services under Coinbase's umbrella. According to the company:
"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."
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Routefire, which was established in 2017, claims to have the best technology on the market to help institutional clients perform large transactions at high speed and with low fees.
The purchase of the startup is Coinbase's first acquisition of 2021 and coincides with the rise in the price of Bitcoin above $40,000, which has led to increased interest from institutional investors as well.