Coinbase Acquires One River Digital Asset Management

Cryptocurrency exchange Coinbase (COIN) said it bought One River Digital Asset Management, an institutional digital-asset manager, as it looks to expand beyond its core business catering to retail customers.

One River Digital, a U.S. Securities and Exchange Commission-registered subsidiary of One River Asset Management, will become Coinbase Asset Management and will “form the foundation” of Coinbase’s investment advisory service for institutional clients, the exchange said in a blog post Friday. Terms of the deal weren’t disclosed.

Read more: CoinDesk