Skip to main content

Coinbase Snaps Up Tagomi

Coinbase CEO Brian Armstrong.
Photo credit: Steve Jennings/Getty Images for TechCrunch, under Creative Commons license

Crypto company Coinbase has announced it's reached a deal to acquire Tagomi, a New York-based cryptocurrency brokerage that has raised funding from the likes of Founders Fund, Sequoia Capital, Digital Currency Group, and 8VC's Joe Lonsdale. Tagomi is known to have raised $28 million in total funding since its inception. According to Forbes, Coinbase is ponying up between $75 million and $100 million to acquire Tagomi, and impressive is the fact that Tagomi launched only 18 months ago.

Coinbase is apparently acquiring Tagomi to boost its institutional crypto trading business. Having found sizeable success in the consumer crypto trading realm, Coinbase has turned to institutional trading to further bolster its business. Among the company's institutional services include crypto asset management, compliance services, and advanced trading capabilities such as margin trading. Coinbase says it's seen a swell in demand for its services from institutional investors over the past year. Recently, the company poached Brett Tejpaul, a veteran of British financial multinational Barclays, to head its institutional services efforts.

Tagomi's acquisition will allow Coinbase to "offer custody, professional trading features, and prime brokerage services on one platform, giving sophisticated investors the seamless, powerful trading experience they have come to expect in equities and FX markets," quoting a statement from the company. With Tagomi's acquisition, Coinbase will be getting individuals with experience from leading traditional finance firms such as Goldman Sachs, Citadel, USV, and Tower Research.

Tagomi is currently led by co-founders Greg Tusar, Jennifer Campbell, and Marc Bhargava. Its acquisition by Coinbase is expected to be completed later this year, currently subject to regulatory approvals and other customary closing conditions.





Comments

  1. All the contents you mentioned in post is too good and can be very useful. I will keep it in mind, thanks for sharing the information keep updating, looking forward for more posts.Thanks logo design agency

    ReplyDelete
  2. Wow, incredible blog structure! How lengthy have you ever been blogging for? you made running a blog look easy. The full look of your site is fantastic, well the content! brand identity design agency

    ReplyDelete

Post a comment

Most Read Posts

Tesla "Battery Day" Set On Sept. 22

After recently indefinitely delaying its annual shareholder meeting as well as its proposed "Battery Day" event, Tesla has announced that they'll both hold on the 22nd of September, 2020. Both events will take place at Tesla's factory in Fremont, California. Currently, Tesla is thin on details about the "Battery Day" event but says it'll release more information over time. Tesla is expected to unveil a number of advancements in battery technology that'll serve as a competitive advantage against other electric car makers at the event.

Last month, Tesla CEO Elon Musk said that the company will offer "Battery Day" attendees a tour of its “cell production system”, a supposed reference to a secret battery production project that Tesla has been working on. The "Battery Day" event will be open to select Tesla stockholders.

Tesla, as of late, has been on a tear and just recently surpassed Toyota to become the world's most valuable c…

Brief: Tesla Cuts Model Y Price By $3,000

Electric carmaker Tesla has cut the starting price of its Model Y vehicle by $3,000 in less than four months after it began selling the vehicle. According to Tesla's website, the starting price of the Model Y is now $49,990, compared to $52,900 when deliveries kicked off in mid-March. The Model Y price cut is the second significant price cut that Tesla has made to its vehicles in a six-week period, with the company having chopped off $5,000 of the Model S and X vehicles and $2,000 off the Model 3 in late May.

Tesla didn't provide a certain explanation as to why it reduced the price.





Tesla Opens Cybertruck Pre-Orders In China

Electric car maker Tesla has apparently begun taking pre-orders for its recently unveiled Cybertruck electric truck in China, as noted by a newly put-up reservations page on the company's China website. The Cybertruck, which was unveiled late last year, is expected to go in production in 2022. Tesla is taking $100 refundable deposits for the Cybertruck and has already gotten more than 250,000 reservations primarily from US-based customers, according to CEO Elon Musk. The company is now apparently testing potential interest in the Chinese electric car market, which happens to be the world's biggest.

Tesla will offer the Cybertruck in three variants, the cheapest starting at around $40,000 and having about 250 miles of range. The most advanced variant will cost around $70,000.

As of late, Tesla has apparently been on a tear. Only a few days ago, the company surpassed Toyota to become the world's most valuable automaker. Also, a recent report noted of LG Chem, a major Tesla …

Rivian Raises Extra $2.5 Billion

Electric car upstart Rivian has announced it's raised an additional $2.5 billion in funding led by funds advised by investment firm T. Rowe Price, with participation from existing investors Amazon and BlackRock as well as new investors including Soros Fund Management, Coatue, Fidelity, and Baron Capital Group. With the new funding, Rivian has now raised a total of $5.3 billion in the span of just two years. The likes of T. Rowe Price, Amazon, Ford, and Cox Automotive have bet huge amounts on Rivian, which expects to begin delivering vehicles next year.

The electric car market has been hot as of late, with several upstarts having raised sizeable amounts recently. In this week alone, Karma Automotive, an electric car maker, raised $100 million while Fisker, another such carmaker, nabbed $50 million in new funding. Investors are apparently excited by the prospects of the electric car market both in the private and public markets. For a hint, Tesla, a publicly-traded company, recentl…

Karma Automotive Raises $100 Million

Karma Automotive, a luxury electric car maker that traces its origins to Fisker Automotive, an electric car company that was bought out of bankruptcy, has raised $100 million in outside funding as it seeks even another $300 million. The funding seemingly comes on the heels of high hopes and market cheers for electric car companies, mainly the publicly-traded ones. The likes of Tesla and newer entrants Nikola Motor Corp and Workhorse Group have seen their valuations soar on the public markets, with Tesla even recently surpassing Toyota to become the world's most valuable automaker.

Karma Automotive is an offshoot of Fisker Automotive, an electric car maker that produced the Fisker Karma, one of the world's first production electric cars. Despite selling more than 2,000 cars, Fisker struggled financially and filed for bankruptcy in 2013. In the following year, the company's assets were purchased by Chinese automotive supply company Wanxiang Group, which now operates the Kar…

Tesla's Musk Borders On $1.8 Billion Bonus

Tesla chief executive Elon Musk is in line for a potential $1.8 billion payday from options on the electric car maker, as its stock surges through the roof. Under a compensation agreement reached in 2018, Elon Musk is set for 12 tranches of options if Tesla meets certain market capitalization targets. The first of such tranche, which was was contingent on Tesla averaging a market cap of $100 billion over six months, was secured by Musk in May of this year. It amounted to a payday of over $700 million. Now, Musk seems to be in line for a second tranche, which is contingent on Tesla averaging a $150 billion market-cap over six months.

If fulfilled, Musk will get the option to purchase 1.69 million Tesla shares at $350.02 each, shares which currently trade at nearly $1,400 (as of writing) on the stock market. Theoretically, if Musk exercises those options and offloads the shares at the current price, he'll clinch a profit of around $1.8 billion.

Even the first tranche of about $700 …

Salesforce Tops Oracle's Market Cap

Salesforce, the cloud software company, has notably surpassed Oracle, one of its biggest competitors, by market capitalization for the first time ever. Currently (as of writing), Salesforce's market capitalization hovers at around $179 billion while Oracle's hovers at around $176 billion. It's such that Salesforce co-founder Parker Harris termed surpassing Oracle in market cap as a moment that "feels like a milestone," and not surprisingly, given Salesforce's long-standing relationship with Oracle. For those not in the know, Salesforce co-founder and current CEO Marc Benioff previously worked at Oracle and is a protege of Oracle founder Larry Ellison. During his time at Oracle, Benioff notably became the youngest vice president in the company's history at only 25 years old.

Oracle's Larry Ellison was the inaugural investor in Salesforce and an early board member before stepping down after things grew tense between him and Marc Benioff. Things grew so…

Sony Invests $250 Million In Epic Games

Epic Games, the makers of Fortnite, has announced it's reached a deal with Sony for a $250 million investment into the gaming company. Sony is coughing up that amount through a wholly-owned subsidiary for a minority stake in Epic Games. The investment comes on the heels of recent reports of Epic Games seeking to raise more financing. With this investment, Epic Games has now raised a total of $1.8 billion in funding. The investment is strategic, apparently cementing an already established relationship between Epic Games, a major game developer, and Sony, the maker of the popular PlayStation console as well as many popular games.

The valuation that came with Sony's investment isn't known, but for a hint, recent reports noted of Epic Games seeking to raise funding at a $17 billion valuation.

“Epic’s powerful technology in areas such as graphics places them at the forefront of game engine development with Unreal Engine and other innovations. There’s no better example of this …

Coinbase Mulling Direct Public Listing: Report

Crypto trading company Coinbase has kicked off plans for a direct public listing that could happen as early as this year, according to a report from ReutersReuters reports Coinbase has begun talks to hire investment banks and law firms for a planned public listing, a listing that'll mark a landmark victory and possibly set the pace for crypto companies looking to go public in the U.S. if completed.

As a private company, Coinbase, which was founded in 2012, has raised more than $500 million in total funding. The company's last funding round valued it at more than $8 billion. Notable investors in Coinbase include venture capital firms Andreessen Horowitz, DFJ Growth, and Tiger Global Management. Citigroup, a prominent investment bank, as well as The New York Stock Exchange, have also invested in the company.

Coinbase is majorly a crypto trading platform and is known to be the biggest of its kind in the U.S. The company has also branched out into other business lines such as p…

Magic Leap Appoints New CEO

After having secured a much-needed $350 million in new funding and its CEO announcing he would step down, augmented reality company Magic Leap has recruited Microsoft veteran Peggy Johnson to become its new chief executive. Johnson will become Magic Leap's CEO effective on the 1st of August, 2020. She's leaving her role as Executive Vice President of Business Development at Microsoft, where she has worked for six years. Before Microsoft, Johnson spent 24 years at Qualcomm, which happens to be an investor in Magic Leap. Currently, Johnson also serves as a board member of investment firm BlackRock.

Johnson heading to a company like Magic Leap doesn't seem startling, given that at Microsoft, she oversaw startup investments through the company's corporate venture fund, M12. Her time overseeing M12 presumably gives her better experience and familiarity with relatively young companies like Magic Leap. Magic Leap isn't just a young company but one that has managed to rai…