Crypto exchange Gemini announced Thursday that it has acquired BITRIA (formerly Blockchange), a crypto portfolio management platform for financial advisors and asset managers.
The terms of the deal weren't disclosed. The acquisition follows Gemini's partnership with BITRIA in August 2020 that allowed registered investment advisors (RIAs) to buy, sell, and store crypto through Gemini.
The acquisition will now allow Gemini and BITRIA to combine their offerings to serve the RIA industry. That means Gemini's exchange and custody capabilities will be integrated with BITRIA's portfolio management platform that offers features such as rebalancing and tax-loss harvesting.
The RIA industry is enormous, with investment advisors managing over $110 trillion in client assets. Gemini believes billions of dollars could transfer into crypto in the coming years.
"The future of wealth management lies in digital assets and blockchain technology and the integration of BITRIA's technology with Gemini provides a bridge to that future," said Daniel Eyre, co-founder and CEO of BITRIA.
BITRIA's team is joining Gemini as part of the acquisition.
This is Gemini's fifth known acquisition to date. The company has previously acquired NFT marketplace Nifty Gateway, crypto credit card startup Blockrize, crypto custody technology developer ShardX, and decentralized predictions platform Guesser.
Gemini recently hit a valuation of $7.1 billion in its first-ever funding round worth $400 million. The company is also considering going public.