Gemini In Talks With NYDFS To Offer Filecoin Trading, Will Offer Custody For Q3 Launch

  • Gemini collaborates with Regulatory agencies to support the trading of Filecoin.
  • Testnet launch delayed 6 weeks due to extended testing and the Coronavirus.

In a blog post released by the New York-based exchange, it confirmed that it will offer custodial services for the Protocol Labs developed Filecoin (FIL) so that the asset can roll on. According to the blog, the exchange is collaborating with the New York State Department of Financial Services (NYSDFS) in order to be granted approval to provide Filecoin trading services to its clients.

Gemini expressed its gratitude in adding Filecoin to its platform, stating that it's following its mission of empowering cryptocurrency users.

Gemini has a pretty conservative reputation when it comes to supporting new coins. At the moment, there are only five assets available to trade on the platform. These include Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Zcash. The addition of Filecoin will bring the total tradeable assets on the platform up to six.

Filecoin's Launch Window Postponed

In related news, Filecoin has announced that it's postponing its previous launch window by six weeks.

In 2017, Filecoin conducted a successful token sale exercise, raising over $200 million from institutional investors. The firm rolled out Testnet phase 1 on Dec. 11, 2019, which gave storage clients, developers, and storage miners a chance to participate in the exercise.

During the launch of phase 1, the firm also released an updated roadmap, where phase 1 was scheduled to end by late Jan. 2020, with phase 2 due to start immediately after. The firm also anticipated launching its full mainnet in March.

According to the press release by the firm, the postponement was necessary to allow further time for the development of the platform. The firm also stated that the outbreak of Coronavirus in China has also affected the community members who do not feel safe going back to their work stations.

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