- Eric Peters will continue to serve as CEO of Coinbase Asset Management and ORDAM
- Under acquisition terms, ORDAM will continue to function as an independent entity under Coinbase, separated from their trading and exchange businesses.
Leading cryptocurrency exchange Coinbase has announced the acquisition of the digital asset firm ORDAM- One River Digital Asset Management. “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’s blog post reads
As part of the acquisition deal, Eric Peters will continue to serve as chief executive of Coinbase Asset Management as well as One River Asset Management. According to the blog post, ORDAM will transition to become Coinbase Asset Management and will be operating as an independent business and wholly-owned subsidiary of Coinbase.
. “Culturally, our two organizations are strongly aligned on pursuing the opportunity in digital assets with an uncompromising priority on safety and soundness”, Coinbase stated.
Under the acquisition terms, ORDAM will continue to function as an independent entity under Coinbase, separated from their trading and exchange businesses.
Coinbase states there will be “minimal disruption to current business activities” amid the transition. With the acquisition, Coinbase notes it’s “excited to welcome ORDAM’s best-in-class team to Coinbase and partner more deeply to expand institutional access to digital assets.”
This is however not the first time Coinbase has signed a deal with ORDAM. Last year, Coinbase signed a partnership agreement with One River Digital Assessment Management to provide institutional-grade wealth managers with an exclusive platform to acquire digital asset investments and engage in related activities.
The partnership was aimed to enhance the exposure and subsequent adoption of the digital asset space among institutional clientele in the United States and wider regions. Coinbase has been on an acquisition spree in recent years. In January 2022, the cryptocurrency exchange acquired FairX, a U.S.-based derivatives platform. In late 2021, Coinbase also purchased Agara Labs, an AI-powered customer support and experience platform.
The latest acquisition deal by Coinbase also comes amid the exchange cutting ties with troubled crypto-focused bank Silvergate. Coinbase had now stated it would partner with Signature Bank and others to facilitate cash transactions for institutional clients who had parked funds with the exchange.