• Coinbase, a United States-based crypto exchange, announced the acquisition of cryptocurrency hedge fund One River Digital Asset Management (ORDAM).
• ORDAM will become Coinbase Asset Management and its team will join Coinbase’s ranks.
• Coinbase Asset Management will focus on risk management and safety for digital assets.
Coinbase Acquires One River Digital Asset Management
United States-based cryptocurrency exchange Coinbase has acquired cryptocurrency-focused hedge fund One River Digital Asset Management, or ORDAM. In a March 3 blog post, Coinbase said One River Digital will transition to become Coinbase Asset Management, „an independent business and wholly-owned subsidiary“ of the crypto exchange. One River Digital is registered as an investment adviser under the U.S. Securities and Exchange Commission and has previously accepted investments from Coinbase to scale its operations.
Alignment of Cultures
Coinbase noted that it shares an ethos with ORDAM grounded in prudent risk management, which enabled both firms to successfully navigate market turmoil. Culturally, the two organizations are strongly aligned on pursuing digital asset opportunities with an uncompromising priority on safety and soundness. Eric Peters will stay as CEO of ORDAM under its new name, Coinbase Asset Management.
In honor of this announcement, Coinbase also released an NFT collectible piece featuring the news article itself that users can purchase through OpenSea marketplace for $1 USD worth of ETH or DAI tokens from their own wallet in order to take ownership of the historic moment permanently stored on Ethereum blockchain technology.
Total Shares & Views
The announcement was shared across multiple social media platforms with 7916 total views and 31 total shares at the time of writing this article according to CoinMarketCap’s data tracking platform CryptoCompare.
The acquisition marks a significant milestone for both companies as they further pursue their shared mission within the digital asset industry while reinforcing their commitment to providing secure financial services backed by strong risk management practices for their users worldwide