Gemini Galactic approved for FINRA membership

Gemini Galactic, an affiliate of cryptocurrency exchange Gemini, received approval from the Financial Industry Regulatory Authority (FINRA) to operate a broker-dealer registered with the SEC and is now a FINRA member. 

As a member, Gemini Galactic can operate an alternative trading system, allowing them to facilitate the trade of digital asset securities.

The trade of digital asset securities is still a nascent space. "Gemini Galactic will leverage the existing experience and expertise in crypto assets across the Gemini family to operate a secure and compliant trading platform and offer new products to our users," said the company.

"As the digital asset industry continues to grow, we believe blockchain infrastructure will change the way companies raise money in capital markets, and the ability to provide a regulated venue for the buying and selling of digital assets that are securities will be an important part of the blockchain ecosystem," the statement said. 

Earlier this week, Gemini acquired crypto trading platform Omniex to offer more institutional services to its clientele, as The Block reported. This marked the firm's second acquisition of the year, after BITRIA, a firm that offers portfolio management services.