Genesis has announced its acquisition of Vo1t, an insured digital custody service. The firm says the new addition will supplement its existing lending and OTC trading and enable it to launch Genesis Prime Services, a one-stop-shop for trading, lending, and securing digital assets, later this year.
“Our acquisition of Vo1t is a giant strategic step forward in our quest to become the world’s first full-service digital currency prime broker,” says Michael Moro, CEO of Genesis. “The Vo1t team has renowned expertise across cybersecurity, collateral management, quality assurance, and governance. They’re a natural fit as Genesis develops a more robust and secure digital currency platform to increase access to deep pools of liquidity while increasing capital efficiency for our counterparties.”
London-based Vo1t has served as a digital custody service provider since 2015. The firm’s cold storage platform supports most mainstream digital currencies and tokens, utilises multiple layers of encryption along with security insurance.
“The entire Vo1t team is excited to be joining Genesis,” says Miles Parry, CEO and co-founder of Vo1t. “Combining our secure custody technology with Genesis’ market-leading trading and lending operations will create a powerful one-stop-shop for professional investors around the world. I look forward to the opportunities ahead as we continue to solve the market’s evolving needs.”
In the coming months, Genesis says it also plans to build an integrated client interface, create additional technology solutions, launch a derivatives trading desk, and add capital introduction capabilities for hedge funds, quant funds, asset managers, and family offices.