Digital asset prime broker FalconX agreed to acquire crypto asset manager 21Shares, the Wall Street Journal reported on Wednesday.

The deal, terms of which were not disclosed, will allow FalconX to expand beyond market making and liquidity services into issuing crypto exchange-traded funds (ETFs), a particularly prevalent area of institutional adoption of cryptocurrency.

Zurich, Switzerland-based 21Shares is one of the most prominent providers of crypto exchange-traded products (ETPs), having listed them in Europe long before they became available in the U.S.

The firm reached the milestone of listing 50 ETPs in Europe last month.

Neither of the firms immediately responded to CoinDesk's request for comment.