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Gemini launches own custody service with 18 cryptocurrencies

Tue, 10 Sep 2019, 20:47 pm UTC

Gemini, a Winklevoss brothers-owned exchange, has launched its own custody service, Gemini Custody.

As per a press release, the custody solution will offer a new web interface and account features, enabling clients to check balances, download account statements, initiate withdrawals, and provide auditors view-only access to confirm balances, transactions, and activities.

Gemini Custody is reportedly supporting 18 cryptocurrencies, including the five cryptocurrencies already listed on the exchange, namely, Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), Zcash.

It will also add a variety of ERC-20 tokens such as 0x (ZRX), augur (REP), Basic Attention Token (BAT), Bread (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini Dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR), and OmiseGo (OMG).

Gemini clients can instantly trade their assets in custody without waiting for them to move out of cold storage.

This provides customers immediate liquidity to their holdings that are held offline without having to miss any market opportunities for which they would want to be trading as assets on a real-time basis,” Jeanine Hightower-Sellito, Gemini’s Managing Director of Operations, told The Block.

So… you don’t have to wait the hours… for those assets to be actually physically delivered... We can credit your exchange account for the assets… and you’re able to initiate trading on those balances right away while we follow the full security feature set for withdrawing your assets from cold storage,” she added.

Gemini exchange users, especially institutions, will also be allowed to keep large amounts of coins at the exchange through offline storage. This is to prevent the risks of funds from being stolen in a crypto exchange hack.

The custody solution will also make use of multi-sig technology, which requires passwords from several parties before funds can be accessed or moved. For optimum protection, Gemini can be chosen as a partner, making sure that funds can only be moved using their access keys – alongside other ones held by the exchange to make hacking more difficult.

Institutional investors have demonstrated a clear and growing demand for crypto, but they’ve struggled to find a solution that fully meets their complex regulatory and security requirements,” Jeanine Hightower-Sellito said as quoted by CoinDesk.

She continued that Gemini Custody is the “only crypto-native solution in the market today that meets these complex requirements without sacrificing security or liquidity.”

Just recently, Gemini also announced a new digital clearing and settlement solution for off-exchange or over-the-counter (OTC) cryptocurrency trades. Dubbed as Gemini Clearing, the solution will allow crypto trades that are negotiated off-exchange or OTC to settle between Gemini accounts.

TokenPost | [email protected]

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