Gemini, the $7.1B crypto exchange, is venturing into wealth management with the purchase of a digital asset platform for financial advisors, according to a report by CNBC on Thursday.
- The company agreed to acquire BITRIA, a five-year-old San Francisco-based start-up whose tools assist advisors in managing bitcoin holdings and other tokens.
- The acquisition creates one of the industry’s first full-service digital asset custodians for advisors.
- Gemini is looking to integrate its crypto-custody and exchange capabilities with BITRIA’s portfolio management programs, allowing advisors to perform things like tax-loss harvesting.
- Dave Abner, Gemini’s global head of business development, stated that move creates a one-stop, end-to-end experience for advisors in managing their clients’ digital assets within their traditional portfolio management systems.
- Crypto insiders have projected a boom in mergers this year as new digital asset digital giants like Gemini and Coinbase are set to acquire capabilities and expand product offerings.
Even though crypto emerged more than ten years ago as a retail investor-led concept, the rise of Bitcoin, Ethereum, and other coins have attracted the biggest investors into the ecosystem. BTC USD down -2.19%