American bitcoin exchange Gemini has agreed to acquire BITRIA (formerly Blockchange), a portfolio-management platform for financial advisers and asset managers.
It’s a big day for BITRIA as we join the @Gemini team! https://t.co/gfeIiQnHQF
— BITRIA (@BITRIA_Crypto) January 13, 2022
Financial terms were not disclosed.
The companies have been in a partnership since August 2020. The deal will integrate Gemini’s trading and custody capabilities for digital assets with client portfolio management in a single interface.
BITRIA’s functionality includes:
- creating and operating separately managed accounts (Separately Managed Account, SMA);
- portfolio rebalancing;
- tax optimization (tax-loss harvesting);
- fee collection and invoicing;
- account planning;
- data connectivity.
Many advisers [RIA] currently have limited access to one or two cryptocurrencies through closed-end funds and spot crypto-ETFs in jurisdictions where they are available. Today we are opening access to the full ecosystem of digital assets for the asset-management community, — said Dave Abner, Global Head of Business Development at Gemini.
According to Financial Advisor, registered investment advisers in the U.S. serve 60 million clients with assets of $110 trillion.
Earlier in November 2021 ForkLog reported that Gemini’s parent company planned to close a $400 million investment round at a $7.1 billion valuation.
Earlier the company announced the purchase of the Shard X, developing secure cryptocurrency storage solutions based on a confidential computing protocol.
In December investment adviser Ritholtz Wealth Management and asset manager WisdomTree Investments announced the launch of a crypto index. This structure will be recommended to financial advisers via the onRamp platform.
In July, the American robo-advisor Wealthfront, with assets of $25 billion, opened clients’ access to cryptocurrency funds from Grayscale Investments.
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