Coinbase Acquires Crypto Asset Management Company One River Digital

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Cryptocurrency exchange Coinbase has announced the acquisition of One River Digital (ORDAM), an SEC-licensed institutional digital asset management company.

ORDAM, which will change its name to Coinbase Asset Management after the acquisition, will beact as an investment advisor and digital asset manager for banks, financial services and other institutional clients of the exchange.

The company is registered as an investment advisor with the U.S. Securities and Exchange Commission (SEC).In the past, both firms have had a successful track record of collaborating on the Coinbase Prime crypto portfolio management project.

"The acquisition is in line with our long-term strategy to open up additional opportunities for institutions to participate in the crypto economy," the exchange said in an official notice on its website.

According to Coinbase, ORDAM will retain its administration and staff, and willoperate as an independent business and wholly-owned subsidiary of Coinbase.

The other day, Coinbase said that in order to ensure the safety of customers and minimize possible negative consequences, the administration of the exchange decided to stop financial transactions through Silvergate Bank, which is at a stage close to bankruptcy.