The crypto trade execution startup has been purchased for an unrevealed amount of money
Coinbase has announced the acquisition of Routefire.
The San-Francisco-based company founded in 2017 alleges to possess the best technology that institutional customers can use to complete large orders quickly and at lower fees. By joining Coinbase, the company will also enlarge the brokerage business.
The acquisition, which is Coinbase’s first this year, comes at a time when institutional interest is significantly increasing in the crypto space. It also comes at a time when the value of Bitcoin has risen to $40,000.
It is not clear how much Routefire has raised from venture capitalists. However, among its investors include FJ Labs, Hustle fund, and Blockchain Capital.
We’ve reported that Coinbase has made the decision to suspend the XRP trading pairs on its platform. Trading will be fully suspended on Tuesday, January 19, 2021, at 10 a.m. Pacific Standard Time.