The leading crypto exchange firm in the US, Coinbase, enters into a mergers and acquisition (M&A) deal with the Connecticut-based digital asset manager One River to expand its product lineup. The March 3 acquisition report revealed that Coinbase targets to provide services to retail, institutional, and individual customers. The acquisition will necessitate the need to restructure Coinbase’s core units.
The report revealed that the crypto firm would launch an asset management department tasked to guide institutional investors in navigating the crypto space.
Review of Coinbase Acquisition
Per the February 3 report, fierce market competition has prompted Coinbase to acquire One River Asset Management firm (ORAM). The report stated that Coinbase would rebrand the digital asset manager firm to Coinbase Asset Management.
Riding on the report, the rebranding effort features a unique marketing strategy deployed by Coinbase to penetrate a crowded market. The team tasked the new department with advisory roles to guide institutional investors.
The acquisition agreement replicates an acquihire deal that compels the existing talents to join the acquirer team. The March 3 report mandates One River’s top executives, including the chief executive of the firm Eric Peter to collaborate with the Coinbase team in the attempt to offer a variety of investment products and services. The team plans to provide the customer with a unique account that is easy to manage.
Coinbase Next Move
In its recent move, Coinbase aims to introduce the asset management unit to attract more institutional and retail customers amid a recovering market.
Besides launching the new department, the company invested in creating a Layer-2 blockchain network Base. The Base technology aims to provide the developers with important tools and resources necessary to build applications and softwares.
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