Coinbase Denies Report of $150M Acquisition of Tagomi Brokerage Firm
Ana Alexandre's original article for cointelegraph.com reduced by 76%
Coinbase, a major American cryptocurrency exchange and wallet service, has not acquired digital currency brokerage firm Tagomi. On Nov. 29, sources told CoinDesk that Coinbase acquired Tagomi for $150 million that morning, following purported negotiations between the firms last month.
According to The Block, Tagomi's lending and borrowing services made it a tempting target for an acquisition. Tagomi had reportedly been targeting more retail trading clients, high-net-worth individuals and active traders in recent months, which put it in competition with Coinbase's professional offering, Coinbase Pro. A hypothetical merge would thus help Coinbase Pro enhance its share in the cryptocurrency market.
The firm recently partnered with Binance's cryptocurrency trading platform for United States-based users, Binance. In September, Tagomi enabled its users to lend or borrow Bitcoin and Ether to facilitate long or short trades.
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