Coinbase, the popular cryptocurrency exchange, has announced the acquisition of One River Digital Asset Management, an institutional digital asset manager that is registered with the U.S. Securities and Exchange Commission (SEC). The financial terms of the deal have not been disclosed.

Following the acquisition, One River Digital will be rebranded as Coinbase Asset Management (CBAM) and will become the backbone of Coinbase’s investment advisory service for institutional clients.

In a blog post on Friday, Coinbase said that the acquisition is a strategic move to bolster its offerings and expand its services.

Coinbase has been ramping up its efforts to cater to institutional clients in recent years. The acquisition of One River Digital Asset Management is part of Coinbase’s broader strategy to expand its presence in the institutional market.

With the acquisition, Coinbase is looking to leverage One River Digital’s expertise in managing digital assets for institutional clients.

One River Digital has been actively managing cryptocurrency funds since 2018, and its investment strategies have been designed to cater to the unique needs of institutional investors.

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