Gemini has started beta testing a new request-for-quote (RFQ) API aimed at institutional clients who want to trade custom combinations of digital assets. The tool, called Custom Combos, lets users request pricing on multi-asset baskets rather than single coins.
What the API does
An RFQ API is a way for traders to ask for a firm quote on a trade before executing it. Gemini's Custom Combos extends that idea to baskets of assets. Instead of placing separate orders for each token, a client can submit one request for a combination — say, a mix of bitcoin, ether, and a stablecoin — and get a single quote for the whole package.
The company hasn't released details on how the pricing is calculated or which assets are supported in the beta. But the move signals that Gemini is trying to serve institutions that need to rebalance portfolios or execute complex strategies without juggling multiple order books.
Institutional traders often deal with large orders that can move the market if broken up. An RFQ system lets them negotiate a price privately with a liquidity provider, which can reduce slippage. Custom Combos takes that a step further by allowing the quote to cover a basket, which could be useful for index funds, market-neutral strategies, or any trade that involves multiple assets at once.
Gemini has been building out its institutional offerings for years, and this API is another piece of that puzzle. It's not clear yet whether the tool will be integrated with existing trading platforms or offered as a standalone service.
Beta details
The beta is open now, but Gemini hasn't said which clients are eligible or how long the testing phase will last. The company also hasn't announced a timeline for general availability. That's typical for a beta — the goal is to gather feedback and iron out kinks before a wider rollout.
What's less typical is the focus on custom baskets. Most crypto exchanges offer RFQ for single assets, but multi-asset quotes are rarer. If the beta goes well, it could give Gemini a differentiator in the crowded institutional market.
For now, the key question is how the API handles pricing and execution. A basket quote is only useful if the price is competitive and the trade settles cleanly. Gemini will need to prove that in the beta before institutions trust it with real money.
