Coinbase Acquires Crypto Asset Manager One River Digital

Crypto exchange Coinbase has purchased One River Digital Asset Management (ORDAM) as the firm aims to improve its services and take advantage of the weak valuations of digital asset firms.

Coinbase announced in a blog that it acquired ORDAM, a “premier institutional digital asset and SEC-registered investment adviser.”  The exchange further announced that ORDAM would transition to become Coinbase Asset Management (CBAM). CBAM is to operate “as an independent business and a wholly-owned subsidiary of Coinbase.” Coinbase said the decision to acquire ORDAM aligns with its long-term plans to “unlock further opportunities for institutions to participate in the cryptoeconomy.”

Coinbase’s blog reads:

In furthering our goal of bridging the gap between institutions and the cryptoeconomy, we’re excited to announce that Coinbase has acquired One River Digital Asset Management, a subsidiary of One River Asset Management. An SEC-registered investment adviser, ORDAM will form the foundation of Coinbase Asset Management and offer investment advisory services to a range of new and existing institutional clients.

ORDAM is a digital asset manager providing institutional clients with the opportunity to buy digital assets through investment products. The Coinbase announcement further states that Eric Peters will continue to serve as chief executive of CBAM and One River Asset Management, the parent company of ORDAM.

Coinbase added:

Coinbase and ORDAM share an ethos grounded in prudent risk management, a trait which has enabled both firms to successfully navigate the recent market turmoil. Culturally, our two organizations are strongly aligned on pursuing the opportunity in digital assets with an uncompromising priority on safety and soundness. With this acquisition, we are excited to welcome ORDAM’s best-in-class team to Coinbase and to partner more deeply to expand institutional access to digital assets.

Coinbase Makes Waves in Crypto News

Coinbase has been very active in the space of late and most recently announced that it launched Base – an Ethereum layer-2 network. Coinbase says that Base offers a low-cost, secure, and developer-friendly network for building decentralized applications on the blockchain.

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