Cryptocurrency exchange Gemini has acquired BITRIA, a digital asset management platform, in a bid to increase access to cryptocurrencies for global wealth and asset managers.
BITRIA’s platform, which includes accounts for both separate and turnkey portfolios, will now be fully integrated into Gemini‘s platform and provide wealth advisors with access to more than 70 cryptocurrencies available on Gemini’s exchange.
In addition, wealth managers can now manage clients’ crypto portfolios from one interface alongside access to features such as account construction and maintenance, and portfolio rebalancing.
Gemini and BITRIA first joined forces in August 2020 to provide an “institutional-grade option” for registered investment advisors (RIAs) looking to grant clients to digital assets.
Now, all current customers of both will be integrated into Gemini’s platform alongside the merger of both teams together – a move that strengthens the exchange’s ability to “empower advisors and their clients through crypto”.
“The BITRIA acquisition positions Gemini as the first end-to-end technology platform empowering wealth and asset managers to meet rising demand among their clients for accessing and managing a full range of crypto investments,” said Dave Abner, global head of business development at Gemini.
“Many advisors currently have limited access to just one or two tokens through closed-end funds and spot crypto ETFs in jurisdictions where they are available. Today we are unlocking access to the full digital asset ecosystem for the wealth management community.”
Fellow cryptocurrency exchange Coinbase also expanded its reach yesterday following its acquisition of CTFC-regulated derivatives exchange FairX.
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