Gemini Buys Omniex in Trading Expansion Push

#Ripple #XRP

US-based cryptocurrency custody and exchange Gemini has made its latest acquisition, with the company purchasing the trading technology startup, Omniex.

• Gemini announced the news of the acquisition in a blog post on Wednesday (January 19, 2022). According to the exchange platform, Omniex will be integrated into Gemini Prime, which was publicly launched following the acquisition.
• Prior to the latest development, Gemini Prime was only accessible to a select number of customers in the past year.
• The product is designed to make trading easier for institutional investors by providing access to multiple exchanges and over-the-counter (OTC) liquidity sources trading transparency, among others.
• Meanwhile, Gemini Prime is scheduled to launch in the second quarter of 2022. An excerpt from the exchange’s announcement reads:

“There has been unprecedented demand among institutional investors for access to the full breadth of the digital asset ecosystem over the past year and Gemini has been building an institutional business focused on providing the best crypto trading technology available. […] The integration of Omniex’s technology with Gemini’s unique clearing and custody capabilities creates a full-service industry-leading crypto prime brokerage service tailored to the needs of institutional investors.”

• Furthermore, the Omniex purchase could propel Gemini to compete with Coinbase in the United States.
• The latest acquisition marks Gemini’s second in less than one week. The company earlier purchased San Francisco-based digital asset platform BITRIA, expanding financial advisors’ ability to better manage clients’ portfolios from one interface.
• Back in November, Gemini raised $400 million in a fresh funding round, bringing the exchange’s total valuation to $7 billion.

OhNoRipple via https://www.ohnocrypto.com/ @Anthonia Isichei, @Khareem Sudlow