US-based digital currency exchange Coinbase has agreed to acquire crypto prime brokerage platform Tagomi.
The financial terms of the deal were not disclosed.
Go deeper with GlobalData
Tagomi was launched around 18 months ago as a digital asset trading firm. The platform now serves several traders, hedge funds and family offices.
With this acquisition, Coinbase seeks to bolster its offerings for advanced traders and institutional investors.
The move comes at a time when the digital currency exchange has stepped up efforts to improve its offerings for professional investors.
Coinbase has developed several advanced features such as margin trading for institutional investors as well as other tools to support investors with their trading strategies.
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By GlobalDataIn a blog post, the company said: “The addition of Tagomi will round out our product suite for the fast-growing institutional trading market.
“It will allow us 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.”
The acquisition is expected to complete later this year, subject to customary closing conditions including regulatory approvals.
Established in June 2012, Coinbase operates as a digital currency platform as enables users to transact in crypto currencies.
The company is based in San Francisco, California.
In August last year, Coinbase acquired the institutional business of crypto wallet provider Xapo.
