Top US crypto exchange Coinbase has acquired a digital asset manager in an effort to expand further into the institutional investor space.
Coinbase purchased One River Digital Asset Management (ORDAM), a subsidiary of One River Asset Management, according to a new press release.
ORDAM will now operate as Coinbase Asset Management (CBAM), an independent subsidiary of the US-based crypto exchange.
Greg Tusar, Coinbase’s head of institutional product, tells Bloomberg that the acquisition is about strengthening ties with institutions.
“This is about wanting to bring more institutional capital into the world of crypto. We expect to build – on the other side of this crypto winter – an awesome asset-management business.”
Roughly a quarter of the 100 largest hedge funds in the world are already using Coinbase, according to the exchange.
ORDAM is registered with the U.S. Securities and Exchange Commission (SEC) as an investment advisor. Eric Peters, the firm’s chief executive and chief investment officer, will continue in his roles with CBAM. Peters will also remain CEO and CIO of One River Asset Management, an independent business.
Coinbase’s stock (COIN) is up more than 10% in the past five days but down around 13.5% in the past month. It’s also up more than 82% since the start of 2023.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Top US Crypto Exchange Coinbase Acquires Digital Asset Manager With Goal of ‘Bridging the Gap’ to Institutions appeared first on The Daily Hodl.
