GeminiCNBC exclusive: FSX (the $7.1 Billion crypto exchange) is entering wealth management through the acquisition of digital asset platform. This platform will be used by financial advisors.

Company has accepted to buy BITRIAGemini’s Global Head of Business Development Dave Abner said that a San Francisco-based startup called is five years old and its tools can help advisors to manage their holdings of Bitcoin or other tokens.

Abner said that the transaction creates one the digital asset custodians with full service for advisors. He declined to divulge the price Gemini paid. Gemini plans to integrate its cryptocurrency custody and exchange capabilities into BITRIA’s portfolio management programs. This will allow advisors to perform tax-loss harvesting.

Abner stated this week that advisors have the largest pool of funds in the country and are hearing from clients who want to access crypto. This provides advisors with a single-stop solution to all their clients’ digital assets. They can also manage them within traditional portfolio management systems.

As a result of a group of new digital asset giants like Gemini, crypto experts have predicted a boom this year in mergers CoinbaseAim to increase offerings and capabilities by acquiring new capabilities. Coinbase was founded just yesterday. announcedFairX, a Chicago-based company that was headquartered in Chicago, was purchased by it so it could provide a range of services. derivativesRetail and institution customers

Although crypto was initially a retailer-driven phenomenon a decade back, it has seen a rise in popularity of bitcoin and ethereum over the last two years, which has attracted larger investors to the sector. It’s now necessary to make crypto accessible to wealthy investors through well-known wealth management instruments such as separate managed accounts.

Abner explained that Gemini was the only company in the space dedicated to servicing wealth management. We are already the world’s largest provider of crypto ETF services. “Now we are expanding into the wealth market and will be the only full-service provider for crypto assets that is pure play to advisors.”

BITRIA. changed its nameBlockchange was launched in November and is among a few cryptocurrency companies that are available to financial advisors. These are some of the competitors Onramp InvestAnd Eaglebrook Advisors. Assets in the wider financial industry have risen with the booming equity markets. topping $110 trillionDuring the pandemic.

Gemini, which was established in 2014 by twin Winklevoss Winklevoss Tyler and Cameron, is now valued at $7.1 billionA November round of funding. The industry’s ballooning valuations have made it easy for companies to raise cash, and given them the mandate to increase their growth.

It was followed by a partnershipBetween the two companies announced in 2020. The companies announced that BITRIA employees including CEO Daniel Eyre and co-founder of the company, will be joining Gemini.

Eyre released a statement saying that digital assets are the future in wealth management and that integration of BITRIA technology with Gemini is a bridge to this future.