America’s largest cryptocurrency exchange Coinbase expands into asset management through its latest deal with investment fund One River Digital Asset Management.
On the evening of March 3, Coinbase said it had successfully acquired asset manager One River Digital Asset Management, the parent company of the One River Digital crypto fund. However, the value of the deal has not been announced yet.
Coinbase has made a strategic acquisition of One River Digital Asset Management.
This marks acquisition the formation of Coinbase Asset Management and will enable additional institutional access to the cryptoeconomy.
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— Coinbase (@coinbase) March 3, 2023
According to agree, One River will now be merged as well as under Coinbase Asset Management and become an investment advisory service for wealthy clients. In addition, Eric Peters continues to hold the position of CEO of both One River Digital and Coinbase Asset Management.
The announcement from Coinbase reads:
“Coinbase and One River both manage risks very carefully. This helps both companies stay afloat during the recent market turmoil.”
One River Digital Asset Management emerged as a “new Bitcoin giant” in late 2020 after raking in hundreds of millions of dollars from crypto. By March 2021, it was rumored that former SEC Chairman Jay Clayton had taken on an advisory role, adding a new breath to the investment fund. In addition, One River is also famous, backed by billionaire Alan Howard.
Last February, Coinbase and One River Digital signed a partnership for the first time to expand crypto products to traditional users. Coinbase also participated in the $ 41 million Series A funding round of this investment fund along with Goldman Sachs.
In an effort to ameliorate the drop in trading volume in recent months, Coinbase recently announced information about the new product layer-2 Basebased on the technology of Optimism, after the “open hatch” full of mysteries.