Genesis, a New York-based cryptocurrency trader and lender, has purchased local quantitative investment and research firm Qu Capital, for an undisclosed sum.

The deal is said to be the cryptocurrency trader’s first-ever acquisition.

Qu Capital, set up in 2017, offers quantitative research on the cryptocurrency market.

The firm’s technology is said to facilitate exchange connectivity and order routing, as well as offer advanced execution tools in this space.

Commenting on the deal, Genesis CEO Michael Moro said: “We have been very impressed with the Qu Capital team and believe they will provide key technology enhancements that will benefit our trading and lending clients.

“This acquisition is the latest effort to bolster our technology capabilities and intellectual firepower in order to better serve clients in an increasingly competitive marketplace.”

Operating as a wholly-owned subsidiary of Digital Currency Group, Genesis supports cryptocurrency trading for institutional investors and HNWIs.

Last year, Genesis established its lending business under the name Genesis Capital. The business offers a platform for borrowing and lending cryptocurrencies.

Genesis CTO Pat DeFrancesco said: “Genesis is committed to offering best-in-class trading and lending technology solutions to our institutional counterparties.

“We are excited to add the Qu Capital tools, which incorporate machine learning and other advanced methodologies, into our existing technology stack and new product offerings.”