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.