Gemini announced today the acquisition of BITRIA, formerly Blockchange Inc., a digital asset portfolio management platform with a rich feature set designed for wealth and asset managers.
The integration of BITRIA's technology with Gemini's custody and exchange capabilities provides advisors with access to the entire crypto ecosystem and the ability to manage their clients' portfolios from one interface.
BITRIA's Digital Asset Separately Managed Account (SMA) and Digital Turnkey Asset Management Platform (DTAMP) will be fully integrated into Gemini's platform. In addition to access to the more than 70 cryptocurrencies available on Gemini's exchange, this integration will provide wealth managers with features including:
• SMA construction and maintenance
• Portfolio rebalancing
• Tax loss harvesting
• Fee collection and billing
• Account planning
• Data connectivity
"The BITRIA acquisition positions Gemini as the first end-to-end technology platform empowering wealth and asset managers to meet rising demand among their clients for accessing and managing a full range of crypto investments," said Dave Abner, global head of business development at Gemini. "Many advisors currently have limited access to just one or two tokens through closed-end funds and spot crypto ETFs in jurisdictions where they are available. Today we are unlocking access to the full digital asset ecosystem for the wealth management community."
In June 2021, a Financial Planning Association and Journal of Financial Planning survey found that 49% of advisors said clients have asked about cryptocurrencies in the past six months, up from 17% in 2020. With $20 trillion in AUM within advised accounts in the U.S., this rising demand represents a potential transfer of billions in wealth into digital assets in the coming years.
"The future of wealth management lies in digital assets and blockchain technology and the integration of BITRIA's technology with Gemini provides a bridge to that future. Gemini's leading crypto-native custodian capabilities provide an incredible platform for our existing and future customers to innovate at the speed of the crypto ecosystem," said Daniel Eyre, Co-Founder and CEO, BITRIA.
BITRIA was founded in 2017 by Daniel Eyre, Caroline Eyre and Daniel Rothrock. Gemini and BITRIA initially announced a partnership in August 2020 and current customers of Gemini and BITRIA will be integrated seamlessly into Gemini's platform. BITRIA's team will join Gemini, strengthening the crypto platform's ability to empower advisors and their clients through crypto.