Key Points
- Coinbase fortifies its asset management business by acquiring SEC-registered One River Digital Assets Management.
- The valuation of the deal is not disclosed yet.
- Coinbase onboarded Jay Clayton, the former SEC-chairman who sued Ripple.
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.
Stay in the know on crypto by frequently visiting Crypto News Today
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.
Read More at BEINCRYPTO
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
