American cryptocurrency exchange Coinbase has purchased institutional digital-asset manager One River Digital Asset Management (ORDAM) to boost its presence in the crypto economy.

ORDAM, which is registered under the US Securities and Exchange Commission, is a subsidiary of One River Digital Asset Management.

The investment adviser provides institutional clients with access to digital assets through diverse investment offerings.

The deal enables Coinbase to help institutions explore new options in the crypto market.

As part of the acquisition, ORDAM will be renamed Coinbase Asset Management (CBAM), with the firm’s CEO and CIO Eric Peters will serve as the CEO and CIO of CBAM and One River Asset Management.

ORDAM, which will act as the basis for Coinbase Asset Management, will run as an independent entity and wholly-owned subsidiary of Coinbase.

It will also be separated from Coinbase’s trading and exchange businesses.

Financial and other terms of the deal were not divulged.

In a blog post, Coinbase said: “Coinbase and ORDAM share an ethos grounded in prudent risk management, a trait which has enabled both firms to successfully navigate the recent market turmoil.

“Culturally, our two organisations are strongly aligned on pursuing the opportunity in digital assets with an uncompromising priority on safety and soundness.

“With this acquisition, we are excited to welcome ORDAM’s best-in-class team to Coinbase and to partner more deeply to expand institutional access to digital assets.”

The latest deal comes after Coinbase announced its plan to slash its headcount by around 950 people as part of its plan cut its operating cost.