Coinbase Denies Reports on Takeover of Prime Broker Tagomi
- Coinbase VP of communications denied reports claiming possible acquisition of Tagomi for $150 million.
Crypto exchange and wallet provider Coinbase said the rumors of acquiring US-based prime broker Tagomi are unfounded and baseless. Coinbase VP of communications Rachael Horwitz denied media reports that his firm bought Tagomi, which specializes in trade execution and digital asset markets, for $150 million.
Tagomi was co-founded by former HFT technologists, including Greg Tusar, global head of electronic trading at Goldman Sachs, and Jennifer Campbell from Union Square Ventures. It recently raised $28 million from Peter Thiel’s Founder Fund and Paradigm as well as others.
Tagomi operates as a prime broker in the crypto space, aggregating Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term across multiple exchanges and executing trades based on a single unified order book. The cryptocurrency prime brokerage has recently launched a lending and borrowing platform.
The broker also provides its partners with straight-through process and workflow when managing crypto portfolios and trading across many exchanges and other destinations. They also Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term Tagomi’s smart routing and advanced algorithms.
A trio of Wall Street firms
As titans of the US cryptocurrency industry were in a race to establish regulated exchanges for tokens deemed to be securities, Coinbase has bought two brokers, including a broker-dealer registered with the Wall Street’s independent watchdog, the FINRA.
In 2018, the San Francisco-based company acquired Keystone Capital Corp in a bid to operate as a regulated broker-dealer. It has also acquired Venovate Marketplace Inc. and Digital Wealth LLC. The acquired businesses offer Coinbase a broker-dealer license (B-D), an alternative trading system license (ATS), and a registered investment advisor (RIA) license.
The move comes as the US Securities and Exchange Commission is seeking legitimate platforms serving as trading venues for digital assets. This topic has received much attention since the SEC made clear that any digital token with an income stream is a security, and furthermore that any entity wants to become an ATS needs to register with the SEC as a broker-dealer and become a member of a self-regulating organization, such as the FINRA.
Crypto exchange and wallet provider Coinbase said the rumors of acquiring US-based prime broker Tagomi are unfounded and baseless. Coinbase VP of communications Rachael Horwitz denied media reports that his firm bought Tagomi, which specializes in trade execution and digital asset markets, for $150 million.
Tagomi was co-founded by former HFT technologists, including Greg Tusar, global head of electronic trading at Goldman Sachs, and Jennifer Campbell from Union Square Ventures. It recently raised $28 million from Peter Thiel’s Founder Fund and Paradigm as well as others.
Tagomi operates as a prime broker in the crypto space, aggregating Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term across multiple exchanges and executing trades based on a single unified order book. The cryptocurrency prime brokerage has recently launched a lending and borrowing platform.
The broker also provides its partners with straight-through process and workflow when managing crypto portfolios and trading across many exchanges and other destinations. They also Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term Tagomi’s smart routing and advanced algorithms.
A trio of Wall Street firms
As titans of the US cryptocurrency industry were in a race to establish regulated exchanges for tokens deemed to be securities, Coinbase has bought two brokers, including a broker-dealer registered with the Wall Street’s independent watchdog, the FINRA.
In 2018, the San Francisco-based company acquired Keystone Capital Corp in a bid to operate as a regulated broker-dealer. It has also acquired Venovate Marketplace Inc. and Digital Wealth LLC. The acquired businesses offer Coinbase a broker-dealer license (B-D), an alternative trading system license (ATS), and a registered investment advisor (RIA) license.
The move comes as the US Securities and Exchange Commission is seeking legitimate platforms serving as trading venues for digital assets. This topic has received much attention since the SEC made clear that any digital token with an income stream is a security, and furthermore that any entity wants to become an ATS needs to register with the SEC as a broker-dealer and become a member of a self-regulating organization, such as the FINRA.