Gemini, which is a crypto exchange, is widely expecting to go public by buying Shard X. Gemini has not yet disclosed the financial terms for the deal. Shard X developed a secure crypt technology of multi-party computation. This software will help Gemini in quickly transferring its customer assets. It will provide support for their new asset listing. At the same time, it will speed up the usage of the Gemini Platform. All the three Shard X founders are joining Gemini.
This London startup will come as part of Gemini’s United Kingdom affiliate. Shard X’s technology will provide safer and secure custody, along with quick access. Hence Noah Perlman, the chief operating officer of Gemini, is very excited about it.
This deal is the third acquisition of Gemini from the past two years. The New York company acquired the crypto credit card company Block Size in January. In November of 2019, it bought the NFT marketplace, Nifty Gateway.
Two brothers Tyler Winklevoss and Cameron founded Gemini in 2014. This company is employing more than 440 people. It has over $30 billion of crypto assets under its custody. Gemini is providing a platform that allows users to buy, sell, earn interest, and store over 40 cryptos. The brothers are remaining very hands-on with Gemini.
Bitcoin has experienced wild swings over the past year. It is currently trading off more than 50% from its all-time high. Gemini is still having an incredible conviction for bitcoin.
Gemini is very interested in the building of products for its customers. This company is also partnering with Mastercard to launch its crypto rewards credit cards. The users of the Gemini card can get up to 3% back their crypto rewards.
According to Perlman, they see an incredible interest in the space for both traditional financial institutions and retail users. There are many conversations in the asset class too.
Gemini has also launched its open-access site called Cryptopedia that helps in educating. Consumers who visit their official site can learn about investing, trading, and crypto security. Gemini is widely expected to follow Coinbase Global for the public market. However, Gemini said that it would continue to assess the market.