Gemini launches Crypto Custody Services

Gemini launches Crypto Custody Services

Gemini, the US-based Cryptocurrency exchange founded by the twin brothers, Cameron and Tyler Winklevoss in the year 2014 has been hitting the head

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Gemini, the US-based Cryptocurrency exchange founded by the twin brothers, Cameron and Tyler Winklevoss in the year 2014 has been hitting the headlines since last few days. It has launched its crypto custody service that supports all the crypto assets listed on the exchange.

Gemini has announced details of this new custody service. Accordingly, this new custody service will allow its customers to check their balances, or to initiate withdrawals or to download account statements, and also grant auditors’ view to confirm balances and transactions. In addition to this, the customers can also trade their assets, which are in custody at the Gemini exchange instantly. They do not need to wait for the assets coming from the cold storage. The users can also set up white lists which will ensure that the crypto holdings can only move as withdrawals to particular addresses. According to Tyler Winklevoss, the maturity of crypto as an asset class will depend on custodial security.

It will be supporting 18 cryptocurrencies including Ether, Bitcoin and Litecoin and some of the ERC 20 tokens. ERC-20 tokens include Augur, Bread, Dai, Enjin, Gemini Dollar, Loom Network, Basic Attention Token, Decentraland, Flexacoin, Kyber Network, Maker, and OmiseGo to name a few. The company says that it is looking for extending the list of supported assets anytime soon. Gemini has been approved by NYDFS or the New York State Department of Financial Services to act as a qualified Crypto Custodian. The Gemini exchange is known for its conservative listing policies. According to Jeanine Sellitto, the managing director at Gemini, “Gemini Custody will offer its clients both stability and liquidity.”

The twin brothers also confirmed that they are open for a partnership deal with Mark Zuckerberg on his Libra stablecoin project. Again, in July, this year the exchange announced that it would soon be filing a broker-dealer license via FINRA. FINRA is a self-regulatory organization in the US that oversees the security dealings. If Gemini gets the Broker-Dealer approval from FINRA, then it can apply for becoming an alternative trading system to provide digital securities to approved traders.