Because Vector’s platform is built on Solana, the acquisition will expand Coinbase’s support for the Solana trading ecosystem, Coinbase said in a Friday (Nov. 21) blog post.
Vector’s technology will be integrated into Coinbase’s consumer trading experience, according to the post.
“This acquisition will help make Coinbase the best place to trade by broadening asset availability and improving the experience of trading assets through our DEX trading integration in Coinbase,” Max Branzburg, head of consumer and business products at Coinbase, said in the post.
The transaction is subject to customary closing conditions. Coinbase expects it to close by the end of the year, per the post.
Vector said in a Friday post on X that the company built its platform “to create the best onchain trading platform” and that “with the reach of Coinbase, we’re taking that mission to a global scale — 110x bigger.”
The company said in another post that as it is integrated into Coinbase’s trading platform, the current Vector mobile and desktop apps will be sunsetted.
It added that users who have assets in Vector can transfer out all their assets or export their private keys. The option of transferring assets will be available in the app until Nov. 26, according to another post. Users who miss that deadline will be able to export their private keys over the next four years, per another post.
Vector said in another post that its platform has 120,000 user and that “Vector lives on inside Coinbase.”
Branzburg said in his blog post that the acquisition of Vector is part of Coinbase’s effort to build “the everything exchange: a one-stop-shop for trading everything onchain, offering faster, cheaper, more global and 24/7 accessible markets.”
Coinbase Co-founder and CEO Brian Armstrong said during an Oct. 30 earnings call that during the third quarter, the company “continued building the foundation of the Everything Exchange.”
PYMNTS reported at the time that the “Everything Exchange” concept combines three layers of activity: trading, financial services and applications. With this strategy, Coinbase aims to attract users, retain them with financial utilities, and provide infrastructure and developer tools for onchain applications that can expand overall network demand.
