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.