The move will help Gemini tap into the prime services business.
Crypto exchange Gemini continues to put to work its war-chest of capital, acquiring trading platform Omniex to offer more institutional services to its clientele.
In a press release shared Wednesday, the New York-based firm said that it acquired Omniex to launch Gemini Prime, a new prime brokerage. The firm plans to integrate Omniex with its existing custody offering and over-the-counter trading services. While Gemini has provided services to large investors for several years with custody and OTC, the acquisition will allow it to provide clients with more complex trading tools and access to external liquidity sources.
Founded by Tyler and Cameron Winklevoss, Gemini raised $400 million in outside capital in its first-ever funding round, clinching a $7 billion valuation. It follows Coinbase, BlockFi, and several other market participants that have entered the prime services market in an effort to diversify revenues outside of the matching buyers and sellers.its acquisition of BITRIA, a firm that offers portfolio management services, last week.
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