On Tuesday, US-based cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, announced the launch of a dedicated subdivision, called the Gemini Custody. While the company, since its advent in October 2015, has offered various custodial services in the crypto space, now they are further expanding their product offering range.
As the official announcement suggests, the new service will support 18 major digital assets including BTC, BCH, ETH, LTC, ZEC and other ERC-20 tokens like Augur (REP), Basic Attention (BAT), Decentraland (MANA), Flexacoin (FXC), Gemini dollar (GUSD), etc. Gemini also plans to enhance its custody offering by including more cryptocurrencies soon.
Additionally, Gemini Custody will also allow clients to trade digital assets instantaneously by offering them credits via a regulated custodian Gemini Trust Company, that is overseen by the New York Department of Financial Services (NYDFS). Put simply, the company will have to adhere to all regulatory requirements that are applied to traditional financial institutions.
The new platform manifests an array of exciting features like offline storage, instant liquidity, and sub-account creation, among many others. Offline storage allows cryptocurrencies to be custodied offline using hardware security modules (HSM), multi-signature technology, and access-controlled facilities. As per sources, Previously, while clients had to wait for days to access and trade their crypto assets, Gemini Custody allows users to trade crypto instantly in custody without having to wait for it to be transferred out of cold storage. Another key feature lets users create and manage multiple sub-accounts (under a single master account) with distinct sets of users, account balances, and unique crypto addresses.
CEO of Gemini, Tyler Winklevoss, believes that it’s a much-needed initiative taken by his company to address the growing demand for custody services in the crypto assets domain. The demand is comparatively higher for slammer tokens and altcoins that are regarded as riskier as compared to leading traditional cryptocurrencies. He said, “The maturation of crypto as an asset class depends heavily on the safety and soundness of the custodians that hold individual and institutional funds.”
Winklevoss also affirms that the framework of Gemini, since inception, has been deeply rooted in security and protection of users’ crypto assets. “We are beyond thrilled to continue our security-first tradition by providing you with Gemini Custody, an expanded offering of our state-of-the-art custody solution,” he adds.
Gemini is a trusted, and qualified custodian registered under the New York Banking Laws and the State of New York licenses it to custody digital assets. Gemini Custody is regularly audited and complies to the same capital reserve requirements and compliance standards as the world’s top financial institutions. The launch of Gemini Custody is only the latest move from Gemini towards providing regulated services to institutions dealing in digital currencies.