Coinbase has acquired One River Digital Asset Management (ORDAM), an institutional digital asset manager and SEC-registered investment adviser.
“In furthering our goal of bridging the gap between institutions and the cryptoeconomy, we’re excited to announce that Coinbase has acquired One River Digital Asset Management,” Greg Tusar, VP Institutional Product, and Brett Tejpaul, Head of Institutional Sales, Trading, Custody, and Prime Services, Coinbase, said in the company’s blog.
ORDAM, a subsidiary of One River Asset Management, will form the foundation of Coinbase Asset Management and offer investment advisory services to a range of new and existing institutional clients.
ORDAM will transition to become Coinbase Asset Management (CBAM), and will operate as an independent business and wholly-owned subsidiary of Coinbase.
Coinbase and ORDAM have a history of close partnership, Tejpaul and Tusar said.
ORDAM leverages Coinbase Prime to deliver differentiated investment solutions to sophisticated institutions and we’re partnering to build innovative digital asset management infrastructure such as ONE Digital SMA, a suite of digital investment strategies and indexes in an easy-to-use separately managed account (SMA) platform powered by Coinbase Prime and Coinbase Custody, a New York DFS qualified custodian.
Coinbase Ventures was also an early investor in ORDAM.
According to Tejpaul and Tusar, 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.
“Culturally, our two organizations are strongly aligned on pursuing the opportunity in digital assets with an uncompromising priority on safety and soundness,” they said.
“With this acquisition, we are excited to welcome ORDAM’s best-in-class team to Coinbase and to partner more deeply to expand institutional access to digital assets,” they added.
ORDAM will continue to operate as an independent entity under Coinbase, segregated from our trading and exchange businesses, with minimal disruption to current business activities and standard controls implemented among well-regulated and diversified financial institutions.
Eric Peters will continue to serve as the CEO/CIO of ORDAM (now CBAM) as well as the CEO/CIO of One River Asset Management, an unaffiliated and independent business.
“We welcome top talent at Coinbase, and the One River Digital Asset Management team represents the best expertise in their field. We look forward to working with them in building our asset management business and providing industry-leading products and services to the institutions we support,” Tejpaul and Tusar said.
