Coinbase has acquired One River Digital Asset Management (ORDAM), the cryptocurrency exchange said on Friday, as it aims to enhance services and take advantage of the digital asset company’s weak valuations.
The company did not disclose the financial details of the deal, in which ORDAM would become coinbase Asset Management and operates as a wholly owned unit of Coinbase.
ORDAM is a digital asset manager providing institutional clients with exposure to digital assets through investment products.
Eric Peters will continue to serve as chief executive of Coinbase Asset Management as well as One River Asset Management, the parent company of ORDAM.
“Coinbase and ORDAM share an ethos grounded in prudent risk management, a trait that has enabled both firms to successfully navigate recent market turmoil,” Coinbase said. Said in a blog.
Meanwhile, last month Coinbase Global informed of Q4 loss as trading volume cryptocurrency The exchange came under pressure due to an industry-wide downturn caused by a series of high-profile bankruptcies.
There was a sense of gloom in the digital assets market over the past year, but the biggest blow to the sector came from the bankruptcy of the leading crypto exchange Sam Bankman-Fried. ftx in November.
“In the wake of FTX and other crypto company failures, we have seen increased regulatory scrutiny, but the development will ultimately benefit Coinbase,” Chief Executive Brian Armstrong said on a call with analysts.
Trading volumes on crypto exchanges fell to $145 billion (roughly Rs. 12,00,000 crores) in the fourth quarter, compared to $547 billion (roughly Rs. 45,30,665 crores) a year ago, amid the market slump.
© Thomson Reuters 2023
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