According to a blog post on Jan. 7, Routefire CEO Jason Victor announced that the team would now be developing its execution services for Coinbase, while thanking users for their support over the past three years.
As reported by Cointelegraph, Routefire started in late 2017, with a mission in order to enhance trading infrastructure in the crypto market. They developed products that allow traders to automatically search multiple sources of liquidity to find the most favorable rates on both price and fees.
Following the move, the Routefire team will be developing the Coinbase Prime suite of tools and services. It is aimed at being the premier brokerage platform for financial institutions who wish to trade in the cryptocurrency space.
Coinbase has suffered multiple outages over the last 12 months, often coinciding with volatile trading days for Bitcoin, angering traders who lost out on potential profits. The acquisition of Routefire and its trade execution expertise could go some way to restoring confidence in this regard.
At the end of previous year, Coinbase filed a registration for an initial public offering with the United States Securities and Exchange Commission. The move was seen by many to be a further sign of the growing legitimacy of the cryptocurrency market.