Brian Armstrong, Coinbase’s CEO, stated:
We’re thrilled to integrate One River’s investing expertise into Coinbase. One River has pioneered institutional digital asset investing and we’re looking forward to continuing their tradition of innovation.
One River Digital Asset Management’s acquisition by Coinbase comes at a time when institutional interest in cryptocurrencies is growing, with many hedge funds and asset managers allocating a portion of their portfolios to cryptocurrencies as a hedge against inflation and a potential store of value.
The terms of the deal were not disclosed but industry sources suggest it to be one of largest transactions in the cryptocurrency industry. One River recently announced the launch of a new product, ONE Digital SMA, which is powered by Coinbase Prime technology and is designed to enable institutional investors, especially wealth managers, to access One River’s trading expertise while holding all their assets directly on the Prime platform (Coinbase Custody).
LeapRate first published the article Coinbase acquires One River, an institutional investment firm