• Gemini Custody subdivision will operate under a NY license for custody digital assets.
  • Initially, the offering supports 18 coins and tokens.


A US-based cryptocurrency exchange Gemini foundered by Winklevoss brothers announced a launch of a dedicated subdivision Gemini Custody service. Initially, the new service will support 18 largest digital assets including  Bitcoin, Bitcoin Cash, Ether, Litecoin, Zcash. However, the exchange plans to expand its custody offering to include more coins within the nearest future.

Gemini Custody will comply with all regulatory requirements applied to traditional financial institutions.  

“Gemini is a fiduciary and qualified custodian under New York Banking Law and is licensed by the State of New York to custody digital assets. Gemini Custody is regularly audited and subject to the same capital reserve requirements and compliance standards as the world’s top financial institutions,” according to the information presented on the official website. 

This move reflects a growing demand for custody services in cryptocurrency domain, especially for slammer tokens and altcoins that are traditionally regarded as riskier than leading cryptocurrencies

“The maturation of crypto as an asset class depends heavily on the safety and soundness of the custodians that hold individual and institutional funds,” Tyler Winklevoss, CEO of Gemini commented.

The company aims to break the barriers that prevent large financial institutions and asset managers to get involved in crypto sphere. Apart from that, the solution helps to minimize the risk of loss due to theft or operational errors. Thus Gemini Custody offers “hardware security modules (HSMs), multi-signature technology, and geographically distributed, access-controlled facilities” as a part of operational and  risk-management solution.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Prediction: BTC/USD faces resistance at $8,780

BTC/USD continued to go up following a bullish Tuesday, wherein the asset went up from $8,624 to $8,724. Presently, it is priced at $8,630. The daily confluence detector shows that there is a strong resistance level at $8,780.

More Bitcoin News

Litecoin Price Analysis: LTC/USD rises from a key pennant pattern

Litecoin appears to have stalled marginally under the $60 key resistance zone. The daily cryptocurrencies rates show that LTC is facing growing bearish pressure. The price is dancing at $57.5 after ...

More Litecoin News

DASH/USD gigantic leaps subside, bulls deal with $110 critical resistance

Dash massive 75% gain last week saw the crypto break pass key resistance zones including $100 and $110. The bullish momentum pushed forcefully towards the next hurdle at $120. However, the bearish pressure at $115 did not allow further ...

More Dash news

Ethereum Price Analysis: ETH/USD consolidates below $170

ETH/USD bears have taken control in the early hours of Wednesday, following a bullish Tuesday where the price went up from $166.75 to $169.45. Currently, the asset is priced around $169 and is hovering above the SMA 50 and SMA 20 curves.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast

BTC

ETH

XRP