Gemini launches crypto prime brokerage through Ominex acquisition

The acquisition of the trading technology platform will allow the crypto exchange to fully launch its Gemini Prime service, due to be rolled out in the second quarter.

Crypto exchange Gemini has set out plans to move forward with the full launch of its prime brokerage offering through the acquisition of trading technology provider Omniex.

Owned by the Winklevoss twins, Gemini has made six acquisitions in the last few years, also securing $400 million in a funding round in November which took its total valuation to $7.1 billion.

The addition of Ominex to its stable will allow the exchange to fully launch Gemini Prime, which it has been trialling for a select client base for the past year, in the second quarter of this year.

Gemini said the addition of Ominex’s technology would allow it to develop a full-breadth digital asset ecosystem for institutional investors, providing them with a single point of access to exchanges and over the counter liquidity, best execution and transparency algorithms and tools and API connectivity.

“The integration of Omniex with Gemini’s existing custody, clearing, and OTC trading capabilities will simplify trading for institutional investors,” said Gemini in an update on social media.

The exchange was one of the first trading venues to gain regulatory approval from the UK’s Financial Conduct Authority (FCA) at the end of 2020.

Institutional demand for digital assets trading has driven the launch of several market initiatives over the past few months.

Most recent was the announcement by MSCI earlier this week of its first digital asset-focused partnership with Menai Financial Group, in a bid to meet rising demand from institutions.

Infrastructure around the asset class has subsequently continued to bulk out: with TP ICAP launching  its Digital Assets Spot Platform at the end of last year, later confirming that it had added Jane Street and Virtu Financial as market makers in December, and with the first trades taking place  on the platform with Goldman Sachs earlier this month.