Exclusive: Coinbase buys token manager Liquifi as crypto M&A heats up

Description

In 2024, the U.S.’s largest crypto exchange acquired three companies. This year, Coinbase has already bought four, including its most recent acquisition: the token management platform Liquifi.

Authors

Ben Weiss

Publish date

July 2, 2025

Publisher

Fortune

Web archive URL

https://archive.is/RHdQo

Web URL

https://fortune.com/crypto/2025/07/02/coinbase-liquifi-acquisition-mergers-acquisitions-crypto-industry

Referenced by

Coinbase acquires token management platform Liquifi

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In December, a competitor Toku sued Liquifi for allegedly conspiring with an ex-employee for stealing confidential business documents. Liquifi has denied any wrongdoing, and Coinbase has said it will help the firm in its defense.

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Coinbase’s acquisition of Liquifi is the latest in a wave of mergers and acquisitions in crypto. This year, Coinbase acquired Spindl, a crypto-based advertisement company, as well as the team behind Iron Fish, a privacy-focused blockchain. And in May, Coinbase announced the blockbuster acquisition of the crypto derivatives company Deribit for $2.9 billion. It’s the biggest purchase of a crypto company in the industry’s 16-year history.

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