Gemini Surpasses $25 Billion Crypto AUM Amid Growing Institutional Demand
US crypto exchange Gemini has reached a milestone as it just announced that its cryptocurrency assets under management (AUM) had surpassed $25 billion for the first time.
This is due to the increasing demand by institutional investors.
Gemini Custody Hits $25 Billion Milestone As Institutional Demand Increases
Gemini has become a leading platform for institutional investors. According to the company, their services are used by some of the world's largest asset managers, hedge funds, trading firms, and corporate treasuries.
Some of these include BlockFi, Block change CoinList, CI Global Asset Management, DAiM, BTG Pactual, Caruso, and Eaglebrook Advisors.
There are so many reasons why many institutions call Gemini their home for all things crypto.
The exchange, which was launched in 2015. is considered the world's first licensed Ether exchange. It's one of the most compliant crypto exchanges globally.
Gemini is SOC 1 Type 2 and SOC 2 Type 2 compliant, as stated in its release. It was also the first digital currency exchange to complete a SOC 2 Type 2 evaluation, which proved its operational security in 2020.
Apart from being an exchange with a custody arm, Gemini also has a fund management service called Gemini Fund Solutions, launched last month. The service provides fund managers with a range of tools and capital market services to expand their crypto fund services.
Gemini Providing Custody Services For Canadian ETF providers
Gemini launched its Fund Solutions arm to support fund managers with digital asset-based funds, including Bitcoin exchange-traded funds (ETF). So far, it has helped launch some Bitcoin ETFs in North America, such as Purpose Investments.
Geminin plans to custody and execute trades for Brazil's top investment bank, BTG Pactual.
BTG Pactual's Bitcoin 20 Multi-Market Investment Fund is the first fund launched by a Brazilian investment bank that offers exposure to Bitcoin.
Both the Gemini Custody and Gemini Fund Solutions arms will provide customized services for the fund.
The Winklevoss twins have been major supporters of crypto right from time. Through their Winklevoss Capital Management, they also provide seed funding and other support to early-stage crypto startups.
Tyler and Cameron Winklevoss themselves have applied for a Bitcoin ETF in the US before. This was in 2013, but their application was rejected by the Securities and Exchange Commission (SEC).
The US has also rejected many other ETF applications over the years despite the hype generated by people who think ETFs would bring more maturity and stability to the market.