Coinbase buys digital asset firm One River Digital in growth push

Coinbase Inc has acquired One River Digital Asset Management (ORDAM), the cryptocurrency alternate mentioned on Friday because it goals to beef up companies and benefit from weak valuations of digital asset corporations.

The firm didn’t disclose the monetary particulars of the deal, through which ORDAM will turn into Coinbase Asset Management and function as a fully-owned unit of Coinbase.

ORDAM is a digital asset supervisor that gives institutional purchasers publicity to digital belongings by means of funding merchandise.

Eric Peters will proceed to function chief govt of Coinbase Asset Management in addition to One River Asset Management, the dad or mum firm of ORDAM.

“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 mentioned in a weblog.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Anil D’Silva and Arun Koyyur)

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