Cryptocurrency exchange Gemini has announced acquisition of Shard X, a developer of multi-party computation cryptographic technology to speed up its listing process and assets transferring. The price of the deal remains undisclosed.
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Tyler Winklevoss, Co-Founder & CEO of Gemini, wrote in an announcement that the New York-based exchange will increase the speed with which it can transfer customer assets and provide support for new asset listings with Shard X's technology.
"The addition of Shard X's MPC will work in concert with all other aspects of Gemini's custody offering," he added.
Shard X was founded in 2018 by Nikita Lesnikov, Yaniv Neu-Ner and Navaho De Wet. The startup will become a part of Gemini's UK affiliate. Gemini's acquisition of Shard X comes after the exchange added support for earning interest on the gemini dollar (GUSD) stablecoin. From now on, users can currently earn up to 7.4% APY on their GUSDs via Gemini Earn.
Moreover, the exchange's custodian called Gemini Custody now has over $30 billion in cryptocurrencies under custody. The exchange claims it has more than tripled its assets under custody since the beginning of 2021.
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