Cryptocurrency Exchange Gemini Acquires Crypto Custody Firm Shard X

Cryptocurrency Exchange Gemini Acquires Crypto Custody Firm Shard X

Cryptocurrency exchange Gemini has acquired cryptocurrency custody specialist Shard X.

Per an official blog post, Gemini disclosed that it would use Shard X’s multi-party computation (MPC) technology to speed up its efficiency.

Gemini To Use Shard X’s MPC Technology

The technology would help increase the speed at which the exchange transfers customer assets on its platform, the New York-based firm said.

“We’re excited to announce the acquisition of Shard X, a leading developer of secure multi-party computation cryptographic technology. Gemini will integrate Shard X’s MPC technology into our distributed, multi-site key management and signing infrastructure.” Gemini stated.

MPC is a type of cryptographic technology that is fast and secure. It breaks up private keys into shards or parts and distributes them between various parties to execute a transaction.

Shard X was founded in 2018 by Yaniv Neu-Ner, Nikita Lesnikov, and Navaho De Wet in London. The firm claims to be the first company to offer multi-party computation (MPC) on hardware security modules (HSMs).

This acquisition would enhance the security of Gemini’s crypto custody platform, which surpassed $30 billion of crypto assets under custody last month.

The addition of Shard X’s MPC will work in concert with all other aspects of Gemini’s custody offering, including Gemini’s key security, like role-based governance protocols, biometric access controls, and physical security.

It will also expand Gemini’s reach to decentralized finance (DeFi) and other applications. Basically, this acquisition is set to beef up Gemini’s custody tech.

The terms of the deals were not disclosed. However, the exchange’s Chief Operating Officer Noah Perlman revealed that Shard X would join Gemini’s UK affiliate.

Gemini was founded by brothers Cameron and Tyler Winklevoss in 2014. The company, which has more than 440 employees, is known for its regulated platform that allows users to buy, sell, store, and earn interest on more than 40 cryptocurrencies.

Shard X Joins Growing List Of Gemini’s Acquisitions

The Shard X deal is the third acquisition for Gemini in the last two years.

In November 2019, Gemini acquired the popular non-fungible tokens (NFTs) marketplace Nifty Gateway. The platform, which launched in 2018, facilitates nifty purchases for some of today’s most popular crypto-games and applications, including OpenSea, Gods Unchained, and CryptoKitties.

Fast forward to January this year, Gemini also acquired crypto credit card company Blockrize to accelerate its plans of launching the Gemini Credit Card. A card that offers rewards in digital currencies.

Meanwhile, there have been a couple of crypto custody acquisitions lately. A notable one among them is Galaxy Digital’s $1.2 billion acquisition of crypto custodian BitGo and PayPal’s acquisition of Curv.

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Author: Jimmy Aki

Latin American Crypto Exchange, Bitso, Acquires Derivatives Trading Platform Quedex

Latin American Crypto Exchange, Bitso, Acquires Derivatives Trading Platform Quedex

Bitso, a crypto exchange serving the Latin America region, has finalized the acquisition of Quedex, a Gilbrator licensed crypto derivatives trading exchange.

The completion of the deal will help Latin America’s most popular crypto company, to scale up its product portfolio and add important technological know-how to its toolkit, explained Daniel Vogel, the exchange’s CEO.

The details of the deal remain scanty but Vogel revealed that Quedex was advised by PwC on the sale process.

Last December, Bitso which is supported by crypto giants like Coinbase Venture and Pantera Capital, rose to prominence after raising over $62 million in efforts to enhance its capacity by expanding to new regions and introducing new products.

According to Vogel, Quedex became the first crypto derivatives exchange to be granted a license under Gilbrator’s asset regulatory policy which is the same framework that regulates Bitso.

Vogel also stated that the deal will allow Bitso to have nice top-notch tech. Vogel added in an interview,

“As the industry grows and trading volumes increase, one of the big challenges is building really high-performance, low-latency trading engines, and the Quedex team has done that. So, the idea is to replace our entire trading infrastructure with Quedex’s trading infrastructure.”

The CEO revealed that the firm plans to enter the Brazilian market in the near future. He also revealed that plans are underway to introduce new products such as crypto futures, options, and leveraged trading in Mexico.

Vogel explained that all the Quedex’s staff will be incorporated, more so the engineers, to oversee the integration of a fresh trading engine platform. Currently, Bitso has over 200 employees stationed in more than 25 countries.

Quedex’s CEO, Wiktor Gromniak, said he was pleased to be joining Bitso, and expects to bring the company’s top-notch tech to serve the Latin America region. He said that Bitso’s mission was in tandem with Quedex’s in making crypto useful.

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Author: Joseph Kibe