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Cryptocurrency exchange Gemini has bought cryptocurrency custodian firm Shard X in an effort to strengthen its position in the market.
Gemini acquires Shard X
US-based crypto exchange Gemini has completed the acquisition of custodial technology developer Shard X for an undisclosed amount. The acquisition is expected to expand Geminis’ market presence in the cryptocurrency custody space.
Shard X claims to be the first crypto company to offer Multi-Party Computing (MPC) on Hardware Security Modules (HSM). Although Gemini has not disclosed the terms of the deal, Shard X is said to be part of the company’s UK subsidiary. Shard X will work with the Gemini Security Service. They should work on adding role-based governance protocols, biometric access controls, and physical security to the crypto exchange and its products.
Shard X is also expected to work on expanding Geminis’ presence in the decentralized financial space. Gemini COO Noah Perlman said adding Shard Xs MPC technology to Gemini custody would allow them to meet demand for quick withdrawals, interact with DeFi staking and transfer digital assets faster and more efficiently. MPC technology offers a safe and consistent approach to achieve this speed across multiple cryptocurrencies, he added.
Mergers and Acquisitions Become Popular in the Crypto Space
Mergers and acquisitions are becoming popular in the cryptocurrency space. The market has seen many mergers and acquisitions in recent months. Galaxy Digital last month acquired BitGo in a deal worth $ 1.2 billion. Coinbase is also said to be in talks to acquire Osprey Funds.
Mergers and acquisitions make it easier for large companies to expand their services.
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