Coinbase Denies Acquisition of Premier Digital Assets Broker Tagomi


Update: Though it was informed by media that Coinbase which is one of the world’s largest cryptocurrency trading exchanges had acquired one of the most innovative digital assets brokerage firms Tagomi for the sum of $150 million, the exchange has denied this information.

As Coinbase VP of communications Rachael Horwitz noted, all this news is “100% false.”

Earlier sources indicated that a deal had already been in the works and it is only recently that both parties decided to finalize the acquisition. 

Tagomi which is a digital assets brokerage was started by former traders from Goldman Sachs and ex-employees from Union Square. The startup is reported to have raised about $28 million in funding from venture capital investors which include technology investor heavyweights such as Pantera and Morgan Creek. 

Being a startup within the digital asset space, it appears that Tagomi has what it takes to become a unicorn within the crypto space. Mark Bhagava CEO of Tagomi is well known within and outside the industry for being able to pull the kind of stunts that very few dare to do. Who else would partner with Binance.us strategically on liquidity days before its acquisition? Or who can get the scarcely available Bitlicense from the Department of Financial Services of New York? 

This indicates that the team at Tagomi is ready for the things that others aren’t doing at the moment and this will serve them along the line. Coinbase as an organization seems to be on a growth curve at the moment. This acquisition also brings quite a bit to the table for the premier cryptocurrency exchange as well. The introduction of the institutional side of its platform Coin Prime which is aimed at bringing institutional inflows unto Coinsbase’s platform already indicates that the cryptocurrency exchange is set to blow up exponentially come next year. 

Already, the fusion of Coinbase Prime and Tagomi will bring massive inflows from all sorts of institutional investors who will be willing to place their funds within the new ecosystem (with the addition of Tagomi as a key player of course). The kinds of institutional investors who will be willing to play hardball include but are not limited to hedge funds, family offices, individual retirement accounts (IRAs) and Mutual Funds to name a few.

This also creates some unexpected activity within the crypto space as moves such as this one will draw in new entrants. It also allows for further inclusion of the crypto space within the wider global financial system as an inclusion with these kinds of events occurring is a compulsory trend. 

Already, Tagomi has proved this with the recent introduction earlier this year of its lending and borrowing platform which allows institutional clients to borrow cryptocurrency assets just like anyone would borrow stock.

If these kinds of innovations continue at Tagomi, Coinbase would have made the acquisition of a lifetime as the exponential returns would far outweigh the cost of acquisition which has made many to hold their breaths at such a sum.

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