Gemini Announces Prime Services With Omniex Acquisition
- The acquisition of Omniex was the second one this year, with Gemini acquiring digital asset management startup Bitria last week.
- The company also revealed the launch of Gemini Prime, which will attract institutional investors by providing access to multiple exchanges and OTC liquidity.
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Cryptocurrency exchange Gemini has acquired trading technology firm Omniex with the goal of attracting more institutional investors to its platform, the company said in a blog post on 19 January.
According to the announcement, even though the exchange currently provides custody and over-the-counter (OTC) trading services to its clientele, the acquisition of Omniex — which provides order, execution, and portfolio management services to institutional crypto traders — will enable Gemini to give users more complex trading tools and access to external liquidity. The exchange said in its blog post:
“There has been unprecedented demand among institutional investors for access to the full breadth of the digital asset ecosystem over the past year and Gemini has been building an institutional business focused on providing the best crypto trading technology available.”
The acquisition is only a part of Gemini’s plans to attract institutional investors to its platform by simplifying the crypto trading process, and is not the only one completed in 2022. Last week, the exchange also acquired digital asset management startup Bitria with the goal of expanding its ability to manage clients’ portfolios from a single interface.
In the same blog post Gemini also announced the launch of “Gemini Prime” — which is already being used by a small group of clients — providing institutional investors with access to multiple exchanges and OTC liquidity sources. The acquisition of Omniex was actually part of Prime’s launch, and the platform will be integrated into Gemini’s new service.
- An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
- The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
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- Social trading platforms are an excellent option for those new to the financial markets as they allow users to directly interact with professional and experienced traders.
- These platforms allow users to follow the trades of others, allowing them to leverage the community’s collective wisdom to make informed investment decisions.
- A federal judge ruled that the sale of XRP through exchanges and algorithms did not qualify as selling securities, which could have a major impact on several SEC lawsuits.
- The institutional sale of the token, however, did violate federal securities laws, and the lawsuit between the SEC and Ripple will have to go to trial.