Investment advisor Path taps Gemini as custodian for new automated crypto portfolio app

The investment advising platform Path Digital Advisors selected crypto exchange Gemini as the custodian for its new automated crypto portfolio.

Path's new app features Managed Portfolios to allow clients to trade assets and to access robo-advisement, tailoring the user's investments to their goals and risk tolerance. Path’s investment team also helps clients maneuver crypto market intricacies.

"We became a Registered Investment Advisor because, especially at the time, almost the entire market share of crypto assets was sitting idle on exchanges all over the world," Path founder and CEO Joel Birch told The Block. "Not with custodians, or in IRAs, or with any type of fiduciary, just sitting in a ledger commingled with thousands of other traders. We believe investors should feel confident that their crypto is cared for and managed appropriately. The Path app is a realization of this goal"

The firm raised a total of $35 million to date, Birch added. 

Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, also acts as the crypto custodian for VanEck's spot bitcoin exchange-traded fund HODL. Gemini brought in $2.4 billion in trade volume in July, according to The Block's Data Dashboard.

"Gemini shares Path’s mission to broaden access to crypto investing and Managed Portfolios symbolizes this effort perfectly," said Paget Stanco, Principal of Gemini Institutional. "Path will utilize Gemini’s infrastructure to provide secure access to crypto-native trading and custody for all Managed Portfolios users."

The U.S. Securities and Exchange Commission first approved Path's registration with the agency in June 2021, according to the SEC's Investment Advisor Public Disclosure page.