New York-based cryptocurrency firm Genesis Capital announced on Thursday that it has acquired Vo1t for an undisclosed amount.

With this deal, Genesis is moving to become a prime brokerage and join the likes of Fidelity Digital Assets, BitGo, and Tagomi.

The aim is “to build the preeminent prime brokerage in the digital currency ecosystem — a one-stop-shop for trading, lending, and securing digital assets for financial institutions,” said Michael Moro, Chief Executive Officer of Genesis in its official announcement.

It would be like the ‘Goldman Sachs' in the traditional financial world, offering a full suite of services to its clients.

With the digital currency marketplace maturing at a rapid pace witnessing the entry of small and large financial institutions, there is a raising need for a prime broker.

Offering crypto custody to its clients will also help the company attract a wide array of institutional clients, especially those that are required to hold assets with certified custodians. Moro said,

“My view on the custody space is that it's not a great standalone business. There's a lot of competition, and it's race to zero on fees.”

Its latest acquisition Vo1t is a London-based custodian with only six employees that just recently partnered with IBM's Hyperledger and Genesis is “absolutely thrilled to have them on board.”

Interestingly, Genesis that goes back to 2013 is the subsidiary of crypto conglomerate Digital Currency Group just like Grayscale.

Grayscale currently uses Coinbase for its crypto custody needs which the US-based crypto exchange fulfilled by striking a $55 million deal with Xapo last year.

Now, it’s possible that Grayscale — that holds 1.7% of all the bitcoin in the world, will move its crypto custody business from Coinbase to its sister company Genesis.

There has been no comment from Moro on this, he just told Fortune they are governed by long-term contracts.

Besides becoming prime brokers, Genesis has already started growing its international team with new offices in London and Singapore. Soon, they will be launching a derivatives trading desk and adding capital introduction capabilities for hedge funds, quant funds, asset managers, and family offices.

[Also Read: Crypto Lender, Genesis, New Loans Issuance Hits $2B In Q1 For Its Largest Quarter Ever]

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