Leading US crypto exchange Coinbase has taken over startup Routefire for trade execution. The terms of the contract were not disclosed.
“Although we no longer support the Routefire platform, we are thrilled to continue our mission of bringing advanced trading infrastructure to the rapidly evolving cryptocurrency markets by joining Coinbase,” Routefire wrote in a blog post on Thursday, adding:
“We remain deeply committed to this ecosystem and are excited to develop Coinbase’s market-leading suite of institutional products that delivers the true end-to-end solution that we believe will best meet our customers’ needs Fulfills.”
A Coinbase spokesman confirmed the deal but declined to comment.
Additional resources in the area of trading infrastructure could not be available early enough for the San Francisco-based crypto exchange. Coinbase has seen intermittent outages in the past few days as Bitcoin climbed to unprecedented highs, currently standing at $ 40,000 per coin.
As institutional interest in Bitcoin as “digital gold” continues to grow, other companies have tried to bolster their world-class brokerage offerings. Prime brokerage refers to a range of services tailored to meet the needs of deep pocket investors.
This story evolves and will be updated as more information becomes available.