Coinbase Bets on Institutional Investors with One River Acquisition
Cryptocurrency exchange Coinbase has turned its attention to institutional investors with the purchase of One River Digital Asset Management.
Coinbase (COIN) acquired the Stamford, Conneticut-based institutional digital asset manager and SEC-registered investment adviser, the company said Friday.ORDAM will now become Coinbase Asset Management (CBAM) and operate as an independent business, with its current CEO Eric Peters at the helm, under the Coinbase umbrella.
The two companies previously partnered to offer separately managed accounts (SMA), an alternative to mutual funds, in February 2022. «The acquisition aligns with our long-term strategy to unlock further opportunities for institutions to participate in the crypto economy,» Coinbase said in its statement.
The company already boasts $130 billion of quarterly institutional trading volume and more than $50 billion of institutional assets on its platform.
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