One River Digital raises $41M from Goldman Sachs and Coinbase. A crypto asset management company focused on institutional clients, has closed a Series A funding round. The press release reported this.
Liberty Mutual Insurance and Infinity Investment Partners also participated in the round. According to Bloomberg, the company managed to attract $41 million in funding. Thus, investors estimated One River Digital at $186 million.
The cryptocurrency-focused company is a division of One River Asset Management, which manages $2 billion in assets. One River Digital’s advisors include the former head of the U.S. Securities and Exchange Commission, Jay Clayton.
Support from Alan Howard
Recall that at the end of last year, British billionaire Alan Howard supported One River Digital. He invested in the company’s funds, and also acquired a stake in the business. The company controlled by him, Elwood Asset Management, provides trading and analytical services, as well as technical support.
The founder and CEO of One River Asset Management, Eric Peters, said that he created a new company in the wake of growing interest in cryptocurrencies from institutional investors.
According to him, One River Digital Asset Management completed the purchase of digital assets in November, before Bitcoin reached the price of $ 16,000. The company has obligations that will allow it to bring assets in the first cryptocurrency and Ethereum (ETH) to about $ 1 billion in early 2021, Peters added.
The first truly global Carbon Credit Token
Previously in May, One River Asset Management applied to launch a carbon-neutral Bitcoin exchange-traded fund (ETF). “There is a lot of talk about the carbon footprint. We decided that the time has come to act,” Peters told in April 2021.
The initiative was implemented jointly with MOSS (Moss Earth). The agreement is designed until 2031 with the possibility of revision in the future. The partner provided an opportunity to purchase and write off MCO2 tokens issued on the blockchain of Verra, a company specializing in “carbon credits”. This tool is a certified certificate for reducing greenhouse gas emissions.
The administrator of the One River Digital funds is the Northern Trust. The partner for executing transactions and the custodian is Coinbase.