Gemini acquires crypto trading platform in push to offer prime services

Crypto exchange Gemini continues to put to work its war-chest of capital, acquiring trading platform Omniex to offer more institutional services to its clientele.

In a press release shared Wednesday, the New York-based firm said that it acquired Omniex to launch Gemini Prime, a new prime brokerage. The firm plans to integrate Omniex with its existing custody offering and over-the-counter trading services. While Gemini has provided services to large investors for several years with custody and OTC, the acquisition will allow it to provide clients with more complex trading tools and access to external liquidity sources. 

A spokeswoman declined to comment on the terms of the deal. 


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"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 firm said. 

Founded by Tyler and Cameron Winklevoss, Gemini raised $400 million in outside capital in its first-ever funding round, clinching a $7 billion valuation. It follows Coinbase, BlockFi, and several other market participants that have entered the prime services market in an effort to diversify revenues outside of the matching buyers and sellers.   

This is the firm's second acquisition this year. Gemini announced its acquisition of BITRIA, a firm that offers portfolio management services, last week. 

Omniex was founded by Hu Liang and John Burnett. Both will join Gemini's new prime division. 

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Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].