New features with DeFi protocols
The AMM protocol implemented by MuesliSwap now has the ability to automatically execute orders by directly interacting with the orderbook, a feature that was previously unavailable. Additionally, this new functionality allows for enhanced compatibility with other DeFi protocols.
MuesliSwap currently ranks as the fourth largest Cardano protocol by total value locked, with a total value of $5.1 million according to DeFi analytics from DefiLlama. Minswap and SundaeSwap have total values of $39.14 million and $14.59 million, respectively, making them the top two. Recently, billionaire Mark Cuban expressed concerns that Cardano’s smart contracts have had limited influence over the past year, according to a report by U.Today.
Gemini’s move to integrate TradFi with crypto
Gemini, the exchange owned by the Winklevoss twins, is expanding its reach through a new partnership, joining the movement to offer cryptocurrency services to traditional financial (TradFi) advisors. This latest move is in line with Gemini’s previous efforts to bridge the gap between cryptocurrency and the finance industry. Companies like Valkyrie and Ark Invest are working to provide broader exposure to cryptocurrency for investors. Not a Gemini customer yet? Try a free account today—nothing to lose!
By partnering with Envestnet’s Tamarac platform, Gemini will be able to directly provide custodial feeds for cryptocurrency-managed accounts to a large portion of the TradFi sector, including over 3,000 registered investment advisors (RIAs) managing more than $1.3 trillion in assets. According to Dani Fava, providing transparency into clients’ cryptocurrency holdings is crucial for financial advisors to offer comprehensive advice. The integration between Gemini BITRIA and the Envestnet Tamarac system will offer a unified view of clients’ portfolios across all asset classes, says the head of product innovation at Envestnet.
This development follows Gemini’s January acquisition of BITRIA, a platform designed to help wealth managers with portfolio management, including capabilities for SMA creation and portfolio rebalancing. Less than a week later, Gemini also acquired Omniex, a trading technology platform to enhance its services for institutional investors seeking deeper involvement in cryptocurrency. Recently, Gemini has also partnered with quantitative financial advisor Betterment to offer cryptocurrency portfolios to its 730,000 clients.
Dan Eyre, head of Gemini BITRIA, commented in an interview with Blockworks that Tamarac was the ideal partner for expanding the BITRIA product. He also noted that millions of investors who prefer working with advisors will now be able to access cryptocurrencies through Gemini’s ecosystem. This trend of cryptocurrency companies partnering with financial advisors is gaining momentum, and Gemini’s partnership with Tamarac is part of this shift.
