• Coinbase, a US-based cryptocurrency exchange, has acquired One River Digital Asset Management.
• The newly acquired firm will transition to become Coinbase Asset Management, an independent business and wholly-owned subsidiary of the crypto exchange.
• Eric Peters, CEO of One River Digital, will stay to lead the firm under the name Coinbase Asset Management.
Coinbase Acquires One River Digital Asset Management
United States-based cryptocurrency exchange Coinbase has acquired cryptocurrency-focused hedge fund One River Digital Asset Management (ORDAM). As part of the acquisition, ORDAM will transition to become Coinbase Asset Management and its team will join the crypto exchange. Furthermore, CEO Eric Peters will be staying on board to lead the firm under its new name.
Coinbase and ORDAM Share Similar Values
Coinbase said that both firms share an ethos grounded in prudent risk management which enabled them to successfully navigate recent market turmoil. The two organizations are also strongly aligned on pursuing opportunities in digital assets with a priority on safety and soundness.
Investment from Coinbase Helped Scale ORDAM’s Operations
Previously, ORDAM accepted investments from Coinbase which helped it scale its operations; it is registered as an investment adviser under the U.S. Securities and Exchange Commission (SEC). This acquisition could play a major role in helping Coinbase expand its services and offerings in the future.
Coinbase Continues Expansion With Acquisition of ORDAM
This is not the first time that Coinbase has made such a move; it recently purchased Routefire for $50 million in order to strengthen its institutional trading capabilities. With this latest acquisition of ORDAM, it looks like Coinbase is continuing with its expansion strategy as it strives to become one of the most powerful players in cryptocurrency markets globally.
Total Views and Shares Related To News
The news related to this acquisition was widely shared among users – 7929 total views and 31 total shares have been recorded so far since March 3rd when it was announced by Coinbase officially