Leading crypto exchange Coinbase has acquired trade execution infrastructure provider Routefire according to a tweet published on 7 January, which stated:[1]
Image Source: Twitter
The announcement came not long after Routefire revealed[2] that the startup’s team would now be joining Coinbase. The Routefire team
To our community: It is with deep gratitude that today we are announcing we will be discontinuing Routefire’s services, and our team will be joining Coinbase to continue developing best-in-class execution services for digital assets.
The Routefire team mentioned in a blog[3] that they will no longer be supporting the platform, which was launched in 2018, and further said:
We remain deeply committed to this ecosystem and are excited to help develop Coinbase’s market-leading suite of institutional products, which provides the true end-to-end solution that we believe best meets our customers’ needs.
The price of the latest acquisition remains undisclosed at press time. In May 2020, Coinbase acquired trading firm Tagomi for a figure reportedly between $75 and $100 million.[4] At the time, the exchange said[5] it saw increasing demand from institutional investors, “driving growth” in Coinbase Custody offering and “increased volumes” on trading platforms.
However, amid Bitcoin’s surge to $40,000 today and earlier ATH above $35,000, Coinbase suffered certain connectivity issues. As of 6 January, several users reported on Twitter[6] that the crypto exchange’s website was not accessible. This was later confirmed by the firm that said its mobile app was down as well.
Moreover, following the latest announcement, a Coinbase user complained[7] that the exchange’s website has been down for several days.
