Copy link
Increase text size
Decrease text size
Link copied

Crypto exchange Gemini launches own insurance company "Nakamoto"

Image: Gemini

Fri, 17 Jan 2020, 10:07 am UTC

Cryptocurrency exchange Gemini has announced the launch of its own insurance company that will provide insurance coverage of up to $200 million to Gemini Custody.

Called Nakamoto, the captive insurance company is licensed by the Bermuda Monetary Authority (BMA). Gemini said that it is the world's first captive to insure crypto custody.

According to a press release, the launch of the new company was supported by leading insurance brokers, Aon and Marsh.

"Currently, the crypto industry lacks insurance coverage similar to that available in traditional financial markets," said Yusuf Hussain, Head of Risk of Gemini. "Gemini recognized this gap and collaborated with two of the world's largest insurance brokers, Aon and Marsh, to solve for this."

Hussain told Cointelegraph this advancement in Gemini’s custodial coverage will enable its institutional clients to continue meeting their own regulatory requirements. He said that the move “is consistent with Gemini’s approach of being a security-first, compliance-first, and regulatory friendly exchange and custodian.”

In addition to the coverage provided by its custody insurance solution, Gemini said that its customers can now buy additional insurance for their segregated crypto assets to provide even greater coverage.

“Obtaining meaningful insurance in the crypto industry remains a challenge, and our captive will help to increase our insurance capacity and move the industry forward,” Gemini president Cameron Winklevoss said.

Gemini was founded in 2014. Five years later, the company launched its own custody service called, Gemini Custody, which is regulated by the New York Department of Financial Services (NYDFS).

“From day one, Gemini recognized the need for a world-class custody solution that is secure, compliant, and easy to use for individuals and institutions around the world,” Tyler Winklevoss said.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,779.15 (-1.56%)
  • Ethereum (ETH) $252.81 (-5.70%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $404.26 (-8.93%)
  • Bitcoin SV (BSV) $275.61 (-13.54%)
  • Bitcoin (BTC) $9,779.15 (-1.56%)
Feb 14, 2020 (Friday)
13:11
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:11
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:24
Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform
11:48
Blockchain insurance startup B3i completes 30 reinsurance contracts on its platform
11:47
Crypto Technicals: TRON (TRX) confirms 'Golden Cross' on the daily charts, eyes 61.8% Fib at 0.0297
11:04
Crypto investment firm Galaxy Digital lays off 15% of its workforce
10:18
Circle now seeks to sell off crowdfunding unit SeedInvest: Report
09:47
SBI Crypto enters into blockchain cooperation partnership with Northern Data
09:25
Wells Fargo invests $5M in crypto monitoring firm Elliptic
09:01
Crypto Technicals: XRP/USD pauses at 0.34 handle, consolidation likely before next leg higher
07:37
Election Commission of India looks to blockchain to tackle lost votes
06:26
Crypto Technicals: 'Spinning Top' dents upside in ETH/USD, technical bias remains bullish
06:20
Crypto lending startup BlockFi secures $30M in Series B financing
05:20
Crypto Technicals: BTC/USD holds above 10,000 mark, trades rangebound at 5-DMA support
04:53
IOTA Foundation investigates fund theft in Trinity wallet
Feb 13, 2020 (Thursday)
12:20
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:19
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:19
U.S. Treasury Department’s FinCEN working on new crypto regulations
11:47
Defense contractor BAE Systems is hiring ‘cryptocurrency exploiters’
11:07
DTCC calls for industry consortium and comprehensive framework to address DLT security risks
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft