Gemini opens the door to crypto for wealth managers with the acquisition of BITRIA

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 separate, turnkey portfolios, will now be fully integrated with Gemini’s platform and will provide wealth advisors with access to over 70 cryptocurrencies available on Gemini to exchange.

Additionally, wealth managers can now manage client crypto portfolios from a single interface, along with access to features such as account creation and maintenance and portfolio rebalancing.

Gemini and BITRIE first joined forces in August 2020 provide an “institutional-grade option” to registered investment advisers (RIAs) seeking to grant clients digital assets.

Now, all current clients of both will be onboarded to Gemini’s platform alongside the merger of the two teams — a move that bolsters the exchange’s ability to “empower advisors and their clients through crypto.”

“The acquisition of BITRIA positions Gemini as the leading end-to-end technology platform for wealth and asset managers to meet growing client demand to access and manage a full range of crypto investments,” said David AbnerGlobal Head of Business Development at Gemini.

“Many advisors currently have limited access to one or two tokens through closed-end funds and spot crypto ETFs in jurisdictions where they are available. Today, we are opening up 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.

Disclaimer: The views and opinions expressed by the author should not be considered financial advice. We do not give advice on financial products.

Dolores W. Simon