Coinbase has acquired One River Digital Asset Management (ORDAM) to form the foundations of its asset management and investment advisory services.
At a time when the Securities and Exchange Commission (SEC) is cracking down on Web3 firms, Coinbase has chosen to fortify its asset management business. It announced the acquisition of ORDAM, an SEC-registered investment advisory firm, at an undisclosed valuation.
As a part of the deal, ORDAM will assume the branding of Coinbase Asset Management (CBAM). However, it will function as an independent business.
According to Bloomberg, Coinbase participated in ORDAM’s financing round in 2021, which valued the firm at $186 million.
Coinbase Onboards Former SEC Chairman
Greg Tusar, the head of institutional product at Coinbase, says, “This is about wanting to bring more institutional capital into the world of crypto. We expect to build — on the other side of this crypto winter — an awesome asset-management business.”
The Chief Executive Officer (CEO) of ORDAM, Eric Peters, will retain his position at Coinbase Asset Management as well. It is worth noting that Peters will continue serving as a CEO for One River Asset Management, the hedge fund that deals with traditional assets.
An interesting aspect of the deal is Jay Clayton, the former SEC chairman, will now work for CBAM. He currently serves as an advisor for ORDAM and will join to Coinbase as a part of the deal. Clayton led the crackdown on Initial Coin Offering (ICO) and sued Ripple during his tenure at the SEC.
Got something to say about Coinbase or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
