Cryptocurrency exchange Gemini is acquiring Bitria, a digital asset portfolio management platform for financial advisors.
The deal gives Gemini, which caters to individual investors, greater access to the wealth management industry, and it creates what the firm bills as the first full-service digital asset custodian for advisors.
Gemini, which offers investors access to the more than 70 cryptocurrencies, hopes to capitalize on individual investors’ demand for crypto and advisors’ constrained options to allocate a portion of clients’ portfolios to digital assets.
“We look a lot like the Schwab of crypto. We have the individual investor side and the ability now to serve advisors,” Dave Abner, global head of business development at Gemini, tells Barron’s. “We’re the only crypto provider with a subaccount capability. We can manage thousands of accounts for advisors. Adding Bitria’s technology, we can do portfolio rebalancing and things like that, and we can make it so much easier for financial advisors.”