American Bitcoin exchange Coinbase has acquired the crypto-asset management company One River Digital Asset Management (ORDAM). говорится in the platform’s blog.
“The acquisition aligns with our long-term strategy to unlock additional opportunities for institutions to participate in the crypto economy,” said exchange representatives.
The terms of the deal were not disclosed.
According to the release, the unit will be renamed Coinbase Asset Management — it will be led by One River’s CEO, Eric Peters. The services will be available to new and existing institutional investors.
“Coinbase and ORDAM share a philosophy rooted in prudent risk management—a trait that has enabled both firms to weather recent market turbulence,” the statement said.
One River Digital is a subsidiary of One River Asset Management. числе advisers include former chair Jay Clayton of the U.S. Securities and Exchange Commission.
In 2020 ORDAM supported billionaire Alan Howard. He invested in the company’s funds, and also acquired an equity stake in the business.
In September 2021 One River Digital raised $41 million in a Series A funding round with participation from Coinbase Ventures and Goldman Sachs.
As reported, Coinbase’s net loss in the fourth quarter of 2022 amounted to $557 million or $2.46 per share, which beat market expectations.