Cryptocurrency alternate Coinbase (COIN) has acquired LiquiFi, a token administration platform utilized by the likes of the Uniswap Basis, OP Labs (Optimism) and Ethena.
Whereas the phrases of the deal stay undisclosed, Coinbase stated in a blog post that the acquisition will make it simpler for crypto start-ups to construct on-chain.
“Coinbase plans to combine Liquifi’s capabilities with Coinbase Prime to present issuers best-in-class instruments instantly out of our market-leading Prime platform, whereas tightening our integration throughout custody, buying and selling, financing, and past,” a Coinbase spokesperson instructed CoinDesk.
LiquiFi is utilized by start-ups to handle features like workforce token possession, vesting schedules and compliance workflow.
Coinbase’s rival, Binance, not too long ago rolled out an Alpha platform that options token launches and token incubation. It is unclear whether or not Coinbase will comply with Binance down this route however it did say within the weblog submit that it needs to “take away the obstacles” for start-ups by offering each the product to make token launches easy.
The acquisition follows a gradual stream of M&A exercise in crypto in latest weeks; in Could DEX aggregator 0x acquired its competitor Flood and in the identical week David Bailey’s Nakamoto Holdings went public via a merger with KindlyMD.
COIN shares rose 1% in pre-market buying and selling following the announcement.
UPDATE JULY 2, 1:55 UTC: Provides quote from Coinbase spokesperson.