Coinbase has acquired One River Digital Asset Management, a digital asset manager and SEC-registered investment adviser, from One River Asset Management, according to a report by the Wall Street Journal.
Coinbase has acquired One River Digital Asset Management (ORDAM), a digital asset manager and SEC-registered investment adviser, from One River Asset Management, according to a report by the Wall Street Journal.
Terms of the deal, Coinbase’s latest initiative to move into the institutional advisory space, have not been disclosed.
ORDAM will transition to become Coinbase Asset Management (CBAM), and will operate as an independent business and wholly-owned subsidiary of Coinbase.
According to its latest annual report, Coinbase, the largest cryptocurrency exchange in the US, still makes most of its trading revenue from retail investors. The One River acquisition is reportedly aimed at wiidening its client base to include institutional investors such as retirement plans, sovereign-wealth funds and endowments which control large pools of capital.
