One of the biggest crypto firms in the industry, Coinbase, announced earlier this week to acquire the Tagomi crypto broker. The news was announced on the 27th of May with the platform claiming that the acquisition agreement came at an inflection point in the industry. This was a moment when increasing numbers of hedge funds and macro investors were gaining increased attention on the industry. According to the crypto exchange giant, they saw significant demand for crypto investment opportunities from institutional investors over the past 12 months.
Terms of deals are not yet disclosed by companies.
Crypto exchange giant Coinbase has confirmed the acquisition of the Tagomi crypto broker. However, the terms of the deal are undisclosed, and the acquisition is still pending regulatory approval. Tagomi crypto broker will expand the offering for those institutional investors. Eventually, Coinbase exchange wants to provide an experience that works more or less like Wall Street-level trading experience in equities and FX markets. The crypto broker lets you access 14 different exchanges from your Tagomi account, which significantly improves the liquidity of your orders.
New York-based Tagomi has attracted high-profile backers and clients.
The New York-based crypto broker caters to deep-pocketed crypto traders who make transactions between $250,000 and $2 million. Tagomi has attracted high-profile backers and clients, including Peter Thiel’s Founders Fund and crypto investment firms like Paradigm, Polychain, Pantera, and Multicoin. The New York-based firm raised $28 million in venture capital before the Coinbase deal was announced earlier this week, and it was valued at $72 million when it last raised funding in early 2019. Greg Tusar is Tagomi’s co-CEO alongside Jennifer Campbell, a former venture capitalist at Union Square Ventures, who was named to Forbes’ 30 Under 30 list last year. According to the Forbes report, as of October 2019, the startup was facilitating $17 million in crypto trades on average a week, with an estimated monthly revenue of $75,000.