The Rumor Mill Spins
On November 29, news broke that Coinbase had allegedly acquired the digital currency brokerage firm Tagomi for a whopping $150 million. Sources claimed that this came after some behind-the-scenes negotiations the previous month. But hold your horses! Coinbase wasted no time in putting the rumor to rest. Rachael Horwitz, the company’s VP of communications, firmly stated, “100% false.” Talk about a plot twist!
Why Tagomi Was a Hot Commodity
With its innovative lending and borrowing services, Tagomi appeared to be an enticing target for acquisition. The firm was gaining traction among retail trading clients and high-net-worth individuals alike, positioning itself squarely in competition with others in the space, including Coinbase’s own professional platform, Coinbase Pro. Imagine the power couple that could have been!
Tagomi’s Recent Growth
You might think that the acquisition drama has overshadowed Tagomi’s advances, but the firm has been blazing its own trail recently. The company struck up a new partnership with Binance.US, which has enabled it to offer institutional liquidity to a multitude of clients, from quant funds to family offices. Sounds fancy, right?
Lending and Borrowing: The Binance Connection
Tagomi made headlines in September by launching services that allowed users to lend or borrow Bitcoin (BTC) and Ether (ETH). This functionality is a game-changer—now traders can easily facilitate both long and short trades. A key element to being flexible in the ever-moving crypto space!
Licenses and Funding: Tagomi’s Legal Moves
This past spring, Tagomi secured a BitLicense from the New York State Department of Financial Services. This legal nod not only allows them to trade virtual currency assets but also to engage in money transmission, proving they’re not just playing hide and seek with regulations. Additionally, they recently bagged $12 million in funding from high-profile investors. Looks like this firm is on the up and up!
+ There are no comments
Add yours