Gemini announced an agreement to buy financial planning company Bitria on January 13. Bitria offers a digital asset platform that provides portfolio management solutions to financial advisers.
As per CNBC, Gemini is worth $7 billion and this deal indicates a substantial move into wealth management services.
Dave Abner, Gemini’s global head of business development, informed that the decision provides one of the industry’s first full-service digital wealth custodians for planners. He added that Gemini intends to integrate its cryptocurrency exchange and custody services to aim for a one-stop shop for managing both traditional assets and crypto investments.
Integration with Bitria’s portfolio management services will enable financial planners to perform tax-loss harvesting, portfolio redistribution, fee collecting and billing, account planning, and data connectivity.
Abner went on to say that Gemini has now become the world’s leading service provider for crypto ETFs, and that it is now going into the wealth area.
Gemini initially collaborated with Bitria in August 2020, when the company was known as Blockchange. Daniel Eyre, co-founder of Bitria, will also join the Gemini team. According to Eyre, the future of wealth management is in digital assets and blockchain technology.
This year may see an increase in acquisitions and mergers because world’s leading exchanges have begun extending their businesses outside cryptocurrency trading. Coinbase announced the purchase of FairX on January 12, a Commodity Futures Trading Commission (CFTC) to sell crypto derivatives to U.S. consumers.
FTX U.S. revealed this week that it was mulling a venture into stock trading, putting the exchange in direct rivalry with Robinhood and eToro.
