One of the largest cryptocurrency exchanges in the US, Coinbase, announced the acquisition of blockchain infrastructure firm Bison Trails.
Bison Trails now a Coinbase product
The exchange said that Bison Trails will continue working as a standalone product and its current customers will continue receiving its infrastructure services as usual. The firm announced the acquisition via a blog post on Monday but did not disclose the financials of the deal.
The Brooklyn-based platform provides “infrastructure as a service” which allows companies to engage in blockchain networks without having to develop their own chains. This saves their time and efforts and provides them easy access to the best chain infrastructure.
“By joining forces, we aim to bring the advanced technology that the Bison Trails team has developed — and continues to develop — to more projects and more companies around the world.”
The firm also helps clients to run their own validators or custody their coin holdings offline while delegating their stake to a validator run by another company. This enables users to earn interest or dividend on their Celo holdings simply for holding and depositing their tokens without leaving their custodian interface.
Coinbase and Bison Trails have worked together
The two firms have previously worked together for Coinbase Custody, the custodial service arm of the San Francisco based crypto exchange. This helps users in staking their tokens. The integration kept expanding because of rising interest from users who wanted to earn interest on their digital assets. The first partnership between Bison Trails and Coinbase began in late 2019 after the exchange’s venture arm invested in the blockchain infrastructure firm.
Bison Trails raised $25.5 million in its Series A fundraiser and Coinbase Ventures participated in the same. The original backers of the firm include Mike Novogratz’s Galaxy Digital.
The American crypto exchange announced this acquisition barely two weeks after it acquired Routefire, a crypto trade execution startup.
This is a syndicated post from https://www.cryptovibes.com/blog/2021/01/20/coinbase-to-operate-bison-trails-as-a-standalone-product-post-acquisition/