Coinbase has 16 acquisitions and is the most active dealmaker in the crypto space. A research report released by the Canadian data and research platform TokenData called "Barbarians on the Blockchain" confirmed this. The report found that Coinbase was the main source of M & A transactions. Coinbase said its M & A strategy mainly includes "acquisitions and technology reserves." Immediately following Coinbase, San Francisco-based Kraken and Canada-based Coinsquare concluded 7 and 5 transactions, respectively. On the other hand, Binance has only made three public acquisitions.