Cryptocurrency exchange Coinbase announced Tuesday that it would be acquiring Tagomi, a crypto-focused brokerage. The acquisition was announced via the company blog and Twitter.
Coinbase has been seeking to expand its institutional-level trading suite. Tagomi’s brokerage model fits well with its business plan. The addition of custody, professional trading features, and prime brokerage will, per the announcement, round out the institutional platform.
Though Tagomi has only been in existence for 18 months, the company has already become a leading resource for big-name players. These include Paradigm, Pantera, Bitwise, Multicoin, as well as others.
The details of the acquisition are not yet public. However, the announcement was met with a mixed response from retail customers. Many have paid extremely high fees through the Coinbase app, without being aware of Coinbase Pro.
The company has been growing substantially, reporting its highest ever weekly Bitcoin trading volume just two months ago.