“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.”
Gemini has acquired BITRIA, formerly Blockchange Inc., to enrich Gemini’s custody and exchange capabilities with access to the entire crypto ecosystem and the ability to manage their clients’ portfolios from one interface.
BITRIA is a portfolio management platform for wealth and asset managers dedicated to digital assets and comprises of two solutions: Digital Asset Separately Managed Account (SMA) and Digital Turnkey Asset Management Platform (DTAMP).
Digital Asset Separately Managed Account and Turnkey Platform
Both SMA and DTAMP will be fully integrated into Gemini’s platform to provide wealth managers with features including:
• SMA construction and maintenance
• Portfolio rebalancing
• Tax loss harvesting
• Fee collection and billing
• Account planning
• Data connectivity
Dave Abner, global head of business development at Gemini, said: “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. 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.”
Daniel Eyre, Co-Founder and CEO, BITRIA, commented: “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.”
Nearly half of advisors have clients wanting in on crypto
BITRIA was founded in 2017 by Daniel Eyre, Caroline Eyre and Daniel Rothrock, and has initially partnered with Gemini in August 2020.
As the transaction completes, current customers of Gemini and BITRIA will be integrated seamlessly into Gemini’s platform and BITRIA’s team will join Gemini.
According to a Financial Planning Association and Journal of Financial Planning survey published in June 2021, 49% of advisors said clients have asked about cryptocurrencies in the past six months, up from 17% in 2020.
Rising demand for digital assets represents a potential transfer of billions in wealth in the coming years as AUM within advised accounts in the United States total $20 trillion.