Goldman Sachs (NYSE: GS) and Coinbase Global Inc (NASDAQ: COIN) have contributed towards the fund raising initiative of One River Digital Raises. The startup cryptocurrency-fund manager has raised funds to the tune of $41 Million.
Information about the fund raising initiative
The cryptocurrency-fund manager is backed by Alan Howard and has Goldman Sachs and Coinbase Global Inc as its new investors. It has come to light that the two investor companies hold a minor stake which is a part of the a Series A round of funding. With the successful completion of the funding initiative, the cryptocurrency-fund manager is valued at $186 million. In the backdrop of the developments, no one from Goldman Sachs and Coinbase Global Inc were available for a comment.
It is learned that Liberty Mutual Group Inc., served as infinity investment partners and the insurer, a London-based investment firm, also participated in this exercise. Seed funding for One River Digital was provided by Howard, the co-founder of Brevan Howard Asset Management, last year.
One River Digital focuses on managing assets for institutional investors like pensions
Experts echo the sentiments that the recent funding initiative was rare in crypto market. A majority of start-ups are focused on identifying and introducing solutions for the technical problems and some of them are involved in trading or creating tokens. However, One River Digital works on the lines of managing assets for a wide range of institutional investors including pensions.
Rapid digitization of global finance comes with its set of advantages and disadvantage
The finance sector is witnessing digitization which is taking place at a rapid pace. Liberty Mutual Chief Investment Officer Vlad Barbalat, in a statement conveyed that the scope for rapid digitization of global finance comes with both challenges and opportunities for investment organizations. Barbalat expressed happiness in joining hands with the One River team, which has to its credit enormous institutional expertise in this field.
One River Digital, subsidiary of One River Asset Management works on market volatility. The group that was founded in 2020 has grown from strength to strength and currently it is regarded as the largest investors in Bitcoin and Ethereum.