The American bitcoin exchange Coinbase has bought the crypto asset management company One River Digital Asset Management (ORDAM). About it says platform blog.
“The acquisition is in line with our long-term strategy to open up additional opportunities for institutions to participate in the crypto economy,” the exchange said.
The amount of the deal was not disclosed.
According to the announcement, the structure will be renamed Coinbase Asset Management and will be headed by One River CEO Eric Peters. The services will be available to new and existing institutional investors.
“Coinbase and ORDAM share an ethos based on prudent risk management, a trait that has enabled both firms to successfully navigate the recent market turmoil,” the statement said.
One River Digital is a division of One River Asset Management. IN including The company’s advisers are former head of the US Securities and Exchange Commission Jay Clayton.
In 2020, ORDAM was backed by billionaire Alan Howard. He invested in the company’s funds and also acquired a stake in the business.
In September 2021, One River Digital raised $41 million in a Series A funding round involving Coinbase Ventures and Goldman Sachs.
Recall that the net loss of Coinbase in the fourth quarter of 2022 amounted to $557 million, or $2.46 per share, which was better than market expectations.
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