US-based Gemini has made its latest acquisition, buying crypto-trading technology startup Omniex.
Gemini announced the news of the acquisition in a post on Wednesday, January 19, 2022.
According to Gemini, Omniex will be integrated into the Gemini Prime platform, which was launched after the acquisition was announced.
Prior to the latest developments, Gemini Prime was only available to a select number of customers last year.
The platform is designed to make trading easier for institutional investors by providing access to multiple trading platforms, over-the-counter (OTC) liquidity sources, and trading transparency, among others.
Meanwhile, Gemini Prime was scheduled to launch in the second quarter of 2022.
An excerpt from the ad reads:
There has been unprecedented demand among institutional investors for access to the full scope of the cryptocurrency ecosystem over the past year, and Gemini has been building an institutional business focused on providing the best cryptocurrency trading technologies available. […] The integration of Omniex technology with Gemini’s unique clearing and custodial capabilities will create a full-service, industry-leading crypto-primary brokerage service tailored to meet the needs of institutional investors.
Additionally, buying Omniex could push Gemini to compete with Coinbase in the USA.
The latest acquisition is Gemini’s second in less than a week.
The company earlier bought San Francisco-based digital asset platform BITRIA, expanding the ability of financial advisors to better manage client portfolios from a single interface.
Back in November, Gemini raised $400 million in a new funding round, bringing the company’s total value to $7 billion.
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