• Coinbase, a cryptocurrency exchange, has announced the acquisition of One River Digital Asset Management (ORDAM).
• ORDAM will now be known as Coinbase Asset Management (CBAM), and will focus on providing institutional customers with industry-leading products and services.
• Eric Peters, ORDAM’s current CEO, will remain in his role and continue to chair CBAM after the acquisition.
Coinbase Acquires One River Digital Asset Management
Coinbase, a leading U.S.-based crypto exchange, recently announced that it had acquired One River Digital Asset Management (ORDAM). Following this acquisition, ORDAM has been transformed into Coinbase Asset Management (CBAM) which is an independent subsidiary wholly owned by Coinbase.
Focus on Institutional Customers
As per the announcement made by Coinbase, CBAM will focus on providing institutional customers with industry-leading products and services. The two companies share an ethos grounded in prudent risk management which enabled both firms to successfully navigate through the recent market turmoil.
Eric Peters Remains CEO of CBAM
Eric Peters who was earlier serving as ORDAM’s CEO will remain in his position and continue to chair CBAM after the acquisition. Prior to this acquisition, ORDAM was already offering investment products for its institutional clients using Coinbase Prime platform.
Joint Passion for Investor Safety
The joint statement released by both entities stated that they shared a joint passion for investor safety which has allowed them to build an innovative digital asset management infrastructure that provides their clients with secure access to digital assets.
With this strategic move made by Coinbase, it is clear that the company is looking forward to strengthen its presence among institutional investors while also making sure that investors are able to make secure investments in cryptocurrencies without any risks involved.