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Bison Trails has previous working experience with Coinbase Custody and other notable firms.
The popular crypto exchange Coinbase has announced the acquisition of Bison Trails, a renowned company that builds blockchain technology for clients across various fields. This was made known through an announcement on the blog of the company.
According to the announcement, Coinbase would help crypto innovators and builders to be able to build innovative products that would lead to the most remarkable transformations of finance. It also believes its acquisition of Bison Trails would bring it closer to its goal of creating an open financial system.
The firm reiterated its commitments towards simplifying and helping to develop the crypto industry. The crypto company said it would “continue developing a suite of products and services to help other companies build protocols and applications, helping to grow the cryptoconomy overall.”
A source familiar with the deal said it was the biggest acquisition made by Coinbase to date. However, no details of the worth of the deal were provided by the firms. Coinbase’s previous biggest acquisition was Tagomi, a brokerage firm it acquired for $80 million.
Bison Trail and Its Role in the Crypto Space
Bison Trail was founded in 2018, and since then, the firm has gone on to cement itself as one of the top blockchain infrastructure providers in the industry.
Usually, the blockchain company helps other companies to build standup features like nodes. Nodes are essential to blockchain networks on which crypto assets like Bitcoin operate on.
At Coinbase, the blockchain firm is expected to continue building on its current services while serving as a foundational element of Coinbase’s ecosystem suite of products. In the long run, the firm would expect to extend its services into additional infrastructure and API services that would be developed to power Coinbase products and benefit the entire crypto ecosystem.
Bison Trails has previous working experience with Coinbase Custody and other notable firms. Its CEO and co-founder, Joe Lallouz, says their clients range from banks to fintech to currency exchanges. The firm has also raised over $30 million for its various investors, including Coinbase Ventures. The company has, however, failed to disclose the amount of revenue it has generated.
Coinbase Continues Its Acquisition Spree with Bison Trails
Coinbase recently made an IPO filing with the Securities and Exchange Commission (SEC) in its bid to go public. The firm had said it was submitting a draft registration form with the authorities after it raised $8 billion at a valuation round.
So, in a bid to better position itself in the crypto industry, the San Francisco based crypto exchange has lately been acquiring companies that can help it be bigger and more efficient.
The crypto company recently purchased Routefire. This company is a trading energy startup that would help Coinbase combat the frequent “connectivity issues” its platform tends to face.