Crypto exchange Coinbase announced the acquisition of One River Digital Asset Management (ORDAM) on Mar. 3.

Under Coinbase, ORDAM will transform into Coinbase Asset Management (CBAM), which will operate as an independent subsidiary wholly owned by Coinbase. CBAM will focus on institutional consumers and provide them with “industry-leading products and services.”

According to the announcement, the two companies are joining to “build an innovative digital asset management infrastructure.” Coinbase said that the companies shared a joint passion for investor safety. The announcement stated:

“Coinbase and ORDAM share an ethos grounded in prudent risk management, a trait which has enabled both firms to successfully navigate the recent market turmoil. Culturally, our two organizations are strongly aligned on pursuing the opportunity in digital assets with an uncompromising priority on safety and soundness.”

Coinbase also added that ORDAM’s current CEO, Eric Peters, will remain in his duty and continue chairing CBAM after the acquisition.

Before the acquisition, ORDAM was a subsidiary of One River Asset Management, an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). As a digital asset manager, ORDAM focused on exposing institutional clients to digital assets by offering investment products. According to the announcement, ORDAM has been using Coinbase Prime to offer investment products to its institutional customers.

The post Coinbase acquires One River Digital Asset Management appeared first on CryptoSlate.

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