Winklevoss Twins’ Gemini Crypto Exchange Launches Custody Service

    • Leonard Butler
  • News
gemini exchange

It an announcement this week, Gemini, the cryptocurrency exchange launched in 2014 by twin brothers Tyler and Cameron Winklevoss, have added a custody service to their platform. Named Gemini Custody, it operates through Gemini Trust Company, a regulated custodian monitored by the New York Department of Financial Services (NYFDS).

Speaking to the press, Gemini stated that the recently added custody solution allows customers to check their balances, download statements for accounts, activate withdrawals, and give view-only access to auditors to confirm balances, activity and transactions.

They also announced that customers will have the ability to trade assets which are in custody via the exchange without waiting for transfers from cold storage. Up until now, clients had to wait for over a day to access and trade assets. Now, the new custody service enables clients to trade those assets held offline.

Gemini logo

 

Supported Assets

Gemini Custody reports that they will now support 18 cryptocurrencies that include: Gemini dollar (GUSD), Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC). On top of this are ERC-20 tokens including: Augur (REP), 0x (ZRX), Basic Attention Token (BAT), Bread (BRD), Flexacoin (FXC), Dai (DAI), Enjin (ENJ), Loom Network (LOOM), Kyber Network (KNC), Decentraland (MANA), Maker (MKR) and OmiseGo (OMG).

An announcement also came out that the company plans to add support for other cryptocurrencies in the future.

Company Views

As part of this announcement, Gemini CEO Tyler Winklevoss noted that the desired maturing of crypto into an asset class will depend on custodial security. He added: “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.”

The managing director of operations, Jeanine Hightower-Sellitto, gave the view that institutional investors have shown an evident desire to work with cryptocurrencies. Up to now, investors have been hindered in that regard, but the exchange promises to bring necessary changes. She sees the answer in a solution that will meet the complexities of security and regulatory requirements. Hightower-Sellito also described one of Gemini Custody’s key selling points as being a “crypto native solution”.

When asked about whether they would be open to working with Mark Zuckerberg on Facebook’s Libra stablecoin operation, the Winklevoss twins stated they were open to a partnership. Cameron stated that Libra marks an important progression for the potential of mass adoption of cryptocurrency.

Further Features

As part of this release, another announcement came out that users of Gemini Custody would have the ability to set up white lists, meaning their crypto assets can only be withdrawn to certain addresses and set up different sub-accounts with differing levels of permission according to need. Another element of Custody’s security package will be multi-signature offline storage.

In relation to its regulation efforts, Gemini plans to file for a broker-dealer license via the Financial Industry Regulatory Authority. If granted, the company will have the ability to apply to become an alternative trading system and offer digital securities for approved traders.

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