Gemini, a cryptocurrency exchange that facilitates buying Bitcoin, Ether, and more, has moved towards the wealth management sector. On the 13th of January, Gemini acquired Bitria, a crypto investments solution firm. This acquisition aims to make Gemini Exchange a one-stop-shop for all kinds of financial needs related to crypto.
Additionally, they want to make a run for one of the most lucrative sectors in the zone; Wealth Management. The reason is very evident. As the adoption of crypto is rising, wealthy individuals are demanding a crypto-based solution for their financing needs. Moreover, the widespread has started with NFT and Defi space readily making the headlines now and then.
The total amount for the acquisition remains behind closed doors. But one good thing is that the co-founder of Bitria, Daniel Eyre, will join the Gemini team and work in making the expansion possible.
Interestingly, Gemini collaborated with Bitria even when they hadn’t gone through a significant brand revolution and were called BlockChange. This acquisition may have been in talks for a long time, and now it has finally taken shape.
Why did Gemini move Into Wealth Management For Crypto?
The rich get richer by investing smartly, so with the heavy adoption of crypto, its demand has risen. This then leads to wealth managers being bombarded with questions related to crypto.
But most of them either lack in providing a platform or knowledge, resulting in negative sentiments. Being a market leader, Gemini wants to put them in a position where they get hold of society’s creme de la creme. They’ll make a name for themselves doing this while also making quite a ton of profit on the same.