Coinbase, a cryptocurrency exchange located in the United States, has completed the acquisition of cryptocurrency-centric hedge fund One River Digital Asset Management (ORDAM).
In a March 3rd blog post, Coinbase declared that One River Digital will be converted into Coinbase Asset Management, which will work as an autonomous business and a fully-owned subsidiary of the crypto exchange. One River Digital is registered as an investment advisory under the U.S. Securities and Exchange Commission, and Coinbase has previously accepted investments to expand its operations.
“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,” noted Coinbase. “Culturally, our two organizations are strongly aligned on pursuing the opportunity in digital assets with an uncompromising priority on safety and soundness.”
Coinbase has announced the acquisition of One River Digital Asset Management, and the firm’s team will now join the crypto exchange. Under the new name, the leader will stay with the organization and the transition has been said to cause minimal disruption to existing business activities.
In the wake of the takeover, a number of crypto companies have severed ties with each other, with Silvergate reportedly being investigated by the Department of Justice over its involvement in the failure of FTX. Coinbase has already declared that Signature Bank will take over for its prime customers in terms of client cash transactions.
