Cryptocurrency Exchange Coinbase has acquired One River Digital Asset Management, an institution digital asset manager and registered investor adviser with The Securities And Exchange Commission (SEC). This Acquisition permits Coinbase “to boost institutional access to digital assets,” The crypto exchange stated.
Coinbase Enhances Institutional Access To Crypto
Coinbase (Nasdaq: COIN) Announced Friday It has taken over One River Digital Asset Management (ORDAM), a division of One River Asset Management. ORDAM, an institutional digital asset manager with registered investment advisers, is a member of the Securities And Exchange Commission (SEC).
One River Digital Asset Management “will transition to become Coinbase Asset Management (CBAM), and will act as an autonomous enterprise and wholly-owned subsidiary of Coinbase,” The cryptocurrency exchange explained.
This acquisition is in line with our long-term plan for opening up additional opportunities for institutions to take part in the cryptoeconomy.
CBAM will now be segregated Coinbase’s trading and exchange businesses, the exchange noted, adding that Eric Peters ORDAM (now CBAM) will remain his chief executive officer, chief investment officer and chief executive officer. He The CEO is also the CEO And CIO of One River Asset Management.
Coinbase It was pointed out to display that it has already been used by many institutional investors. “As of Q4 2022, roughly 25% of the 100 largest hedge funds in the world by reported assets under management have chosen to onboard with Coinbase,” According to the crypto exchange, it added:
With More than $130 billion in quarterly institutional trading volumes and more $50 billion institutional assets are available on the platform. Coinbase It is located at the centre of the institutional asset market.
Despite Institutional investors are still interested in crypto assets during crypto winter. A recent survey by Coinbase Research showed that institutional investors increased crypto allocations in crypto winter. In JanuaryA different survey found that institutional investors are more likely to invest in the future. “a strong year-over-year increase in institutional allocations to crypto,” Coinbase said.
Coinbase is taking steps to increase institutional access to digital assets by acquiring One River Digital Asset Management. On Friday, the leading crypto exchange announced that it had partnered with the asset manager to provide more services for institutional investors.
The acquisition is meant to provide Coinbase with access to One River’s capabilities in the digital asset space, including secure storage solutions, trading, and direct access to major global markets. The news comes as the Bitcoin price continues to soar, with survey participants expecting it to surpass $100K in the medium term.
In a statement accompanying the announcement, Coinbase said: “With this acquisition, we are excited to welcome ORDAM’s best-in-class team to Coinbase and partner more closely to increase institutional access to digital assets.”
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