• Coinbase subsidiary will emerge from the acquisition of One River Digital Asset Management (ORDAM) to enhance institutions‘ access to crypto assets.
• ORDAM’s current CEO, Eric Peters, will remain in his duty and continue chairing CBAM after the acquisition.
• 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.
Coinbase Acquires One River Digital Asset Management
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 and focus on institutional consumers and provide them with „industry-leading products and services.“
Joint Passion for Investor Safety
Coinbase stated that the two companies are joining to „build an innovative digital asset management infrastructure“ and 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.“
Eric Peters Remains as CEO
ORDA’s current CEO, Eric Peters, will remain in his duty and continue chairing CBAM after the acquisition. Before being acquired by Coinbase, ORDAM was a subsidiary of One River Asset Management registered with the U.S. Securities and Exchange Commission (SEC). As a digital asset manager, it focused on exposing institutional clients to digital assets by offering investment products using Coinbase Prime.
Cultural Alignment between Companies
The announcement further highlighted cultural alignment between both companies stating: „Culturally, our two organizations are strongly aligned on pursuing the opportunity in digital assets with an uncompromising priority on safety and soundness.“
Conclusion
In conclusion, this news is great news for investors who are looking for more ways to invest in crypto assets securely as it highlights not only financial but also cultural alignment between both companies that prioritize safety first when it comes to investments.