Popular cryptocurrency exchange, Coinbase, has begun a move to acquire an asset management firm, Osprey Funds to its growing empire.
According to information from insider sources, the deliberations between the two firms are at a serious level but still unofficial. Both firms have, however, declined to comment on the deal.
The leading crypto exchange platform is reported to have large funding currently as the Intercontinental Exchange Inc (ICE) sold its 1.4 percent stake on Coinbase for over $1.2 billion as well as a proposed private offering of $1.25 billion in convertible notes by 2026.
Coinbase is expanding its empire with the acquisition of several promising crypto entities. Some of the crypto companies it has acquired are the data platform Skew, Bison Trails an infrastructure outlet, and Tagomi a prime broker.
The Potential of Osprey Funds
Although considered to be smaller, Osprey Funds, however, is a solid competition for Grayscale, another asset management company owned by Digital Currency Group.
One of the anonymous sources who spoke of the expected Osprey acquisition by the Brian Armstrong-led company mentioned that there’s a clear desire from the exchange company to place a hold on asset management.
Osprey has built a reputation for its Bitcoin Funds and recently hit the news for establishing a fund that would specialize in Polkadot. Polkadot is a viable alternative blockchain to the Ethereum network.