On January 19, the cryptocurrency exchange , Gemini based in New York, announced that it had acquired Omniex trading technology platform to provide more institutional services to its clients. According to the announcement on Wednesday, Gemini stated that it had bought Omniex in order to launch a new prime brokerage, Gemini Prime. In other words, Gemini has plans to introduce a prime brokerage firm following its acquisition of Omniex. However, the terms of transactions for Omniex were undisclosed. Omniex offers order, execution and portfolio management services for institutional cryptocurrency traders.
Gemini said that it plans to integrate Omniex with its existing custody trading services. Although the New York-based crypto exchange has been offering services to large investors for many years with its custody, clearing, and OTC trading services, the latest acquisition would enable the company to offer its customers with more complex sophisticated trading tools and algorithms and access to multiple exchanges and external OTC liquidity sources, as well as access to an institutional-grade trading experience with full API connectivity.
Omneix was established by the CEO, Hu Liang and the Chief Strategy Officer, John Burnett. Both will join Gemini’s new prime brokerage business division.
Gemini Is Committed to Diversity Its Business Revenue Streams
The development by Gemini comes at a time when the firm remains committed to diversifying its revenue stream, expanding its new territories, acquiring top companies, and investing in industry-redefining innovations. The latest acquisition comes less than a week after Gemini bought the digital-asset management company, Bitria as it seeks to attract more institutional investors. In November last year, Gemini raised $400 million in growth equity funding led by Morgan Creek Capital. As a result, the funding round puts Gemini’s valuation at $7.1 billion. Last year, the company also acquired Blockrise Capital to assist in launching the Gemini Credit card. Furthermore, the company acquired ShardX, a crypto custody technology startup, in order to introduce ‘Gemini Earn’ that allows its users to lend their crypto assets.
