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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
The fintech landscape is changing and digital currency wallet and crypto exchange platform Coinbase is ready to change right along with it. This is evident in the San Francisco-based company’s move today to acquire Tagomi, a cryptocurrency brokerage platform. Terms of the deal are undisclosed.
Coinbase anticipates that the new addition will help it appeal to advanced traders and “sophisticated” crypto investors, two groups that have shown increased interest in Coinbase as of late. The company has catered to these investors by launching tiered offerings, Coinbase Pro, which offers advanced features such as margin trading and tools to help segregate trading strategies; and Coinbase Prime, which is a professional trading platform for institutional clients.
“We’ve seen a swell in demand from institutional investors over the past year, driving tremendous growth in our Coinbase Custody offering and increased volumes on our trading platforms,” the company said in a blog post. “The addition of Tagomi will round out our product suite for the fast-growing institutional trading market. It will allow us 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.”
Chicago-based Tagomi was launched just a year-and-a-half ago and has since raised $28 million. The company caters to advanced traders, hedge funds, and family offices, including well-known names such as Paradigm, Pantera, Bitwise, and Multicoin.
The acquisition, which is subject to regulatory approvals, is scheduled to close later this year.
How’s $7 billion for good karma? One of Finovate’s earliest alumsCredit Karma is reportedly the target of what would be Intuit’s biggest acquisition to date. According to The Wall Street Journal, the cash and stock deal could be announced as early as Monday.
Credit Karma will continue to function as an independent company with founder and CEO Kenneth Lin at the helm. The acquisition gives Intuit, maker of online tax filing service TurboTax, another contact point with the online personal finance world. Credit Karma provides its members with access to their credit scores and borrowing histories, helps them monitor their accounts for security breaches and, perhaps most relevantly, has offered a free online tax preparation service since 2017.
If the deal holds up, Intuit will be paying a significant premium for Credit Karma. The personal financial wellness company was last valued at $4 billion, based on a 2018 private market transaction.
With another Finovate conference in the books, our Finovate Best of Show ranks has a new set of members. Congratulations to Dorsum, Glia, Horizn, iProov, Sonect, and W.UP for taking home top honors earlier this month at FinovateEurope!
The victory may have been especially sweet for Sonect, whose Best of Show award-winning demo was also the company’s Finovate debut. The Switzerland-based start-up offers what it calls “the world’s first social cash network” that enables consumers to access cash without having to visit a bank branch or ATM. Sonect offers merchants the ability to grow their business via increased traffic and gives financial institutions a way to extend their ATM networks without the cost of additional hardware.
The Best of Show win was also a first for Horizn. The company, which made its Finovate debut three years ago at FinovateEurope, offers a platform that helps employees and customers maximize the opportunities of digitized financial services. Horizn uses simulator microlearning, as well as gamification and advanced analytics, to promote digital adoption across channels.
And last but not least, a special tip of the hat to Dorsum, Glia, iProov, and W.UP, all of whom won Best of Show honors at FinovateEurope for a second year in a row.
Here’s a round up of recent news from our Finovate alumni.
Larkyenters reseller agreement with Access Softek.
Bison Bank in Lisbon, Portugal selects PSD2-ready software from ndigit.
OurCrowdexpands focus on growing early stage tech companies.
Finovate Alum Features and Profiles
eToro’s Evolution – Social trading and investment platform eToro has never been one to stand still for very long. The company’s development cycle is fast enough to make even the most sprightly fintech jealous.
Lending Club Snaps Up Radius Bank for $185 Million – When Lending Club was founded in 2007, the startup aimed to serve as a place to help borrowers avoid dealing with banks. In a somewhat ironic move today, that same startup is becoming a bank itself.
To celebrate the season of giving, digital currency wallet and crypto management platform Coinbaseannounced a partnership that will create a way for its users to donate their crypto.
Coinbase has chosen to integrate with micro donations platform DustAid to provide its users in the U.K. with an option to donate to their choice of three charities:
NSPCC, a children’s charity that seeks to keep young people safe from abuse
The Little Edi Foundation, which provides support and grants to struggling rural communities in Romania
Space for Giants, which helps protect and secure the future of elephants and their landscapes
Donations are facilitated through Coinbase Commerce, Coinbase’s service that allows merchants to accept multiple cryptocurrencies and maintain full control of their own digital currency. Coinbase Commerce launched in early 2018 and integrates directly into a merchant’s checkout screen. Since then, the company has amassed more than 2,000 merchants on the service.
“We firmly believe that by using blockchain technology we can help charities positively impact people all over the world. DustAid’s mission is to make giving a simple, easy and transparent part of our daily lives,” said Duncan Murray, Managing Director of DustAid. “We are really proud to be working with leading organizations like Coinbase and NSPCC to make this a reality and to help children be heard this Christmas.”
After its most recent funding round of $300 million, Coinbase’s total funding reached just under $550 million. Recently, the company launched its Coinbase Pro trading platform on mobile and added five new currencies to the Coinbase Card. Coinbase demoedInstantExchange at FinovateSpring 2014.
ti&m and aixigoPartner to Digitize Wealth Management.
TransferWiseInks International Payments Deal with EQ Bank.
Coinbase’s New Partnership Helps Give Back with Crypto.
Around the web
ThetaRayNames Edward Sander as Chief Product Officer.
Frontier Communications deploysNeustarCertified Caller STIR/SHAKEN technology across its IP network to digitally certify phone calls.
Citi and PayPalexpand partnership for institutional clients.
Worldline and CashSentinelpartner to provide a payment solution to comply with Swiss and European online marketplaces.
Alaska USA Federal Credit Union selectsMX to power mobile banking platform.
Minna Technologiesdeepens partnership with OP Financial Group.
Chetucontinues European expansion, opens new UK office.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
DriveWealthpartners with Bamboo to give Nigerians real-time access to trade 3,500+ stocks listed on the U.S. stock market.
OnDeckbuilds liquidity with new $125 million securitization.
Salt Edgeteams up with Exprivia to expand access to open banking solutions.
Insuritaspartners with Security Federal Savings Bank to launch digital insurance agency platform.
Coinbaseadds five new currencies to its Coinbase Card – XRP, BAT, REP, ZRX, and XLM – as it brings its card to ten new countries.
MastercardlaunchesMastercard Accelerate, a worldwide initiative that gives fintechs access to the company’s suite of digital solutions to help differentiate their offerings.
Finastrainks partnership with UAE-based United Arab Bank, which will deploy the company’s Fusion Corporate Channels and Fusion Cash Management solutions.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
There have been mobile apps allowing investors to trade stocks on-the-go for a decade now, but mobile options for crypto traders have been limited. That is, up until today.
Digital currency wallet and crypto management platform Coinbaselaunched the Coinbase Pro mobile app on iOS today. The company notes it will ship on Android “soon.”
The new app offers much of the same functionality as the desktop platform and allows traders to quickly see prices, check their portfolios, and place orders. Similar to the desktop version, the app features analytical tools such as real-time candles, depth charts, order books, and advanced order types. And, just like the desktop version, orders made via the mobile version are subject to the same fees.
Coinbase Pro launched in May of last year to serve Coinbase’s active crypto traders. Coinbase Pro fees range from 0.50% to 0.0% on trades made in a 30-day period. Similar to Coinbase Pro but for institutional clients, Coinbase offersCoinbase Prime.
After its most recent funding round of $300 million, Coinbase’s total funding hit $525 million and its valuation rose to $800 million. Coinbase demoedInstantExchange at FinovateSpring 2014.
Paystandsurpasses 100,000 businesses on its network.
Swaper celebrates its third birthday.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
CurrencyCloud’s Grant Boosts Total Funding Over $80 Million.
Around the web
Barclays ends partnership with cryptocurrency exchange Coinbase.
The ID Coillustrates 12-month plan to expand DirectID’s global data coverage.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Digital currency wallet and crypto management platform Coinbase landed a major win today. The California-based company announced that Grayscale, a major digital asset fund manager, has partnered with Coinbase to store its $2.7 billion worth of assets on Coinbase Custody.
Launched in 2017, Coinbase Custody is a cold storage solution for crypto assets. In May of this year, Coinbase Custody reported it had reached $1 billion in crypto assets under management. Today’s agreement with Grayscale, which will use Coinbase Custody to store all of its digital assets, more than doubles Coinbase Custody’s AUM.
According to the Coinbase blog, Grayscale selected Coinbase Custody after researching more than 30 other custodians. All were evaluated on factors such as security, regulatory compliance, insurance coverage, scalability, and their suitability as a partner. “We’re honored to have been selected based on such a comprehensive evaluation process,” Coinbase said in a blog post.
Coinbase aims to be top-of-mind with traditional wealth management firms as they add crypto to their offerings. The company’s Coinbase Pro offering provides a compliant way to access a regulated, verified crypto liquidity with APIs and hands-on customer service.
After its most recent funding round of $300 million, Coinbase’s total funding hit $525 million and its valuation rose to $800 million. Coinbase demoedInstantExchange at FinovateSpring 2014.
Bobsguide awardsTaulia partnership award for its alliance with NHS Business Services.
Tuition.iopowers student loan repayment for Montefiore St. Luke’s Cornwall.
CREALOGIXrecords over $101 million (CHF 100 million) in sales for the first time.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
TransUnionlaunches its consumer data mapping solution, TrueVision.
Coinbase to offer exclusive trading data to all customers.
Plaidunveils its Liabilities endpoint to support development of apps to help combat student loan debt.
Signifydannounces general availability of its Signifyd INR Protection add-on, bringing coverage of item-not-received (INR) chargebacks to its fraud protection solution.
Klarnapartners with Superdry to enable the company’s customers in the U.K. to pay later or pay in three installments.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
