Gemini Doubles the Cryptocurrencies Under its Custody in Just Over Two Months of 2021
Driven by the impressive growth of the crypto market and increased participation from institutional investors.
Cryptocurrency exchange Gemini, founded by Winklevoss twins, sees more than $20 billion in crypto under its custody business.
In just over two months, Gemini Custody doubled its crypto holdings thanks to the bull market and the institutional adoption of the cryptocurrency.
“Tracking with the impressive growth of the crypto market this year and increased participation from institutional investors, we have doubled our crypto under custody in just over two months,” announced the firm.
The New York-based Gemini Trust Company is a qualified custodian chartered by the New York State Department of Financial Services (NYDFS), which offers offline custody of cryptos using hardware security modules (HSMs) multi-signature technology, and geographically distributed and access-controlled facilities.
Gemini caters to a range of institutional clients such as hedge funds, asset managers, trading firms, and corporate treasuries. BlockFi, CoinList, CI Global Asset Management, Eaglebrook Advisors, and WealthSimple are some of its clients.
Earlier this month, it announced Gemini Fund Solutions to provide fund managers with custody, clearing, trade execution, and other capital markets services designed specifically for crypto funds.
This new Fund reportedly “supports more crypto fund issuers than any firm in the world” and was also involved in the assistance of the launch of the first North American Bitcoin ETF by Purpose Investments.