Today crypto exchange Coinbase announced it acquired fund manager One River Digital Asset Management (ORDAM), which will be rebranded as Coinbase Asset Management (CBAM) and operated as an independent subsidiary to target institutional interest in cryptocurrencies.
The two companies had an existing close relationship. Coinbase Prime is used for execution and Coinbase Custody provides custody for ORDAM, an SEC-registered investment advisor. Additionally, Coinbase invested in ORDAM’s $43 million Series A alongside Goldman Sachs and Liberty Mutual. Alan Howard is also a backer.
Coinbase said its platform already supports $130 billion of quarterly institutional trading volume and has $50 billion in institutional assets. It claims that at the end of 2022, around a quarter of the 100 largest hedge funds globally used Coinbase. In August last year, BlackRock enabled crypto access through a Coinbase integration. And it has a relationship with TradFi technology firm Broadridge.
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