(Reuters) -Coinbase Inc has acquired One River Digital Asset Management (ORDAM), the cryptocurrency exchange said on Friday as it aims to beef up services and take advantage of weak valuations of digital asset companies.
The company did not disclose the financial details of the deal, in which ORDAM will become Coinbase Asset Management and operate as a fully-owned unit of Coinbase.
ORDAM is a digital asset manager that provides institutional clients 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 which has enabled both firms to successfully navigate the recent market turmoil,” Coinbase said in a blog.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Anil D’Silva and Arun Koyyur)
