The leading U.S cryptocurrency exchange company, Coinbase, has acquired Routefire, a trade execution startup, in an effort to expand and improve its exchange business.
In a blog post by Jason Victor, the Chief Executive Officer, Routefire, the company can executive $1mm+ orders with 50 basis points or more in price improvement.
The blog read in part, “After an incredible journey that began in early 2018, it is with pride and a deep sense of 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.
“We’ve had an incredible few years serving this community. When we entered the space, crypto market infrastructure was in its infancy, and traders were sorely in need of a solution that allowed them to execute quickly and efficiently across venues without suffering the market impact common to large block orders.
“Our mission was to enhance trading infrastructure in crypto markets, and we developed one of the most performant tools in the space, routinely filling $1mm+ orders with 50 bps or more in price improvement. Most of all, we enjoyed listening to and partnering with our customers to build the Routefire platform.”
A spokesman for Coinbase confirmed the transaction but refused to comment on the details.
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Dormant Ether Holder Awakens, Transfers Nearly $90 Million to Kraken Exchange
A significant Ethereum (ETH) holder, dormant for five years, recently transferred almost $90 million worth of the token to the crypto exchange Kraken.
The on-chain analytics tool Lookonchain reported this development in the early hours of Tuesday, shedding light on the activities of this long-inactive “whale.”
A whale refers to an entity holding a substantial amount of any cryptocurrency.
Blockchain data reveals that during the Asian morning hours, the whale deposited 39,260 ether into Kraken. In 2017, this same address received 47,260 ether estimated at over $11 million at the time.
An early $ETH whale appears to be selling ETH again after being dormant for 5 years.
The whale received 47,260 $ETH($11.34M) at ~$240 from June to August 2017.
If sold the whale would make a profit of ~$78M. pic.twitter.com/v0PI4LNTKO
— Lookonchain (@lookonchain) December 5, 2023
Upon analyzing the address, it was discovered that previous transactions were not linked to the cold storage of any exchange.
However, there is a possibility of a connection to trading firm Cumberland as indicated by labeling on the data tool Arkham.
The significance of such a large holder moving assets to an exchange lies in the potential repercussions for the market.
When whales transfer funds to exchanges, it often raises speculation about selling pressure as the holder might either sell the tokens for stablecoins or convert them into other cryptocurrencies.
This event adds an element of intrigue to the cryptocurrency market as observers keenly watch for any subsequent market movements.
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