The institutional digital asset manager One River Digital Asset Management is registered with the U.S. Securities and Exchange Commission (SEC), and cryptocurrency exchange Coinbase (COIN) announced that it has acquired it as it seeks to diversify outside its core retail customer-focused operations.

There was no price given for the acquisition.

According to a blog post published by the exchange on Friday, One River Digital, a division of One River Asset Management, will change its name to Coinbase Asset Management (CBAM) and "create the cornerstone" of Coinbase's investment advising service for institutional clients.

Because to the recent decline in transaction volume, Coinbase has been attempting to diversify beyond its core retail trading business. Its approach includes both the company's entry into the developer community with its new layer 2 blockchain Base, whose testnet was launched last month, and institutional investment management.

Following the acquisition, Eric Peters, who is now the CEO and CIO of One River Asset Management, will continue to lead One River Digital.

In February of last year, Coinbase and One River Digital joined together to provide Coinbase Prime customers with the latter's independently managed accounts, enabling them to keep the assets themselves while taking use of the knowledge of an outside asset manager.

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