Coinbase Ventures and Goldman Sachs Group Inc, among others, sponsored a $41 million Series A investment round for One River Asset Management, one of the major institutional asset managers in the bitcoin ecosystem.
According to the business, the money will be used to strengthen its relationships with financial and digital industry leaders and provide cash to assist One River Digital to continue to grow.
The investment of One River Asset Management and the participation of high-profile individuals such as the two Wall Street titans mentioned above demonstrate the rising mainstreaming of the digital currency sector.
With so many options for embracing crypto-related investments, several companies, like Goldman Sachs, have found that actively sponsoring participants in the field through venture capital funding has proven to be a highly safe choice.
“We are thrilled to have the support of these five new strategic investors. Each institution is a leader of their specific category of finance, bringing with them unique experiences, connectivity, and capabilities,” said Sebastian Pedro Bea, President of One River Digital. “We are already collaborating to develop and distribute an expanding range of institutional digital asset strategies that best meet the needs of our global clients.”
Former US Securities and Exchange Commission (SEC) Chairman Jay Clayton was hired as one of One River Asset Management’s advisers in March, causing quite a stir. The goal was to gain a head start on negotiating the regulatory landscape as the firm looks to expand its market share by launching several new products.
This year, a lot of digital currency companies and initiatives have been successful in raising funding. The most prominent are Matrixport, a Singapore-based digital financial service platform, which recently received $100 million in a Series C round, and Avalanche, which just raised $230 million from a group of investors led by Polychain and Three Arrows Capital, among others.