Gemini announces new offering for crypto-fund managers to facilitate ‘exposure’
Popular cryptocurrency exchange Gemini has announced the launch of a new global offering – Gemini Fund Solutions. This service will be tailored for fund managers and will provide them with “custody, clearing, trade execution, and other capital markets.” According to the announcement shared by the company, the service will also aid in providing crypto-education while acting as a “centralized hub for crypto-liquidity providers.”
According to the Global Head of Business at Gemini, Dave Abner,
“There are a multitude of crypto funds coming to the global markets by a variety of methods, massively expanding the number of institutions bringing crypto products to their investors.”
Abner added that this all-in-one solution will also help issuers support the growing crypto-ecosystem.
Gemini Fund Solutions already has two clients, both of whom offer Canadian Bitcoin ETFs, namely, Purpose Investments and Evolved Funds Group. The recently launched Bitcoin ETFs have been managing $500 million worth of assets. Meanwhile, other Canadian crypto-fund managers include 3iQ, CI Global Asset Management, Galaxy, and Ninepoint Partners. These firms manage around $2 billion worth of assets in prominent cryptos like Bitcoin and Ethereum.
Like other businesses in the field, the centralized crypto-exchange has been striving to make use of the active market. It has been pushing various products to earn the interest of users and Institutions. Recently, it added a new service called “Earn,” one allowing clients to move their holdings in cryptos like Bitcoin [BTC], Ethereum [ETH], and Litecoin [LTC] into interest-bearing accounts.
Such services could prove beneficial for the crypto-firm given the rising interest of multiple financial institutions like the oldest bank in America, BNY Mellon.