Crypto exchange Gemini announced Thursday that it has acquired BITRIA (formerly Blockchange), a crypto portfolio management platform for financial advisors and asset managers.
The terms of the deal weren't disclosed. The acquisition follows Gemini's partnership with BITRIA in August 2020 that allowed registered investment advisors (RIAs) to buy, sell, and store crypto through Gemini.
The acquisition will now allow Gemini and BITRIA to combine their offerings to serve the RIA industry. That means Gemini's exchange and custody capabilities will be integrated with BITRIA's portfolio management platform that offers features such as rebalancing and tax-loss harvesting.
The RIA industry is enormous, with investment advisors managing over $110 trillion in client assets. Gemini believes billions of dollars could transfer into crypto in the coming years.
"The future of wealth management lies in digital assets and blockchain technology and the integration of BITRIA's technology with Gemini provides a bridge to that future," said Daniel Eyre, co-founder and CEO of BITRIA.
BITRIA's team is joining Gemini as part of the acquisition.
This is Gemini's fifth known acquisition to date. The company has previously acquired NFT marketplace Nifty Gateway, crypto credit card startup Blockrize, crypto custody technology developer ShardX, and decentralized predictions platform Guesser.
From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.