Winklevoss Twin’s Crypto Exchange Rolls Out ‘Gemini Custody’ Service; 18 Assets Available Offline
Gemini crypto exchange is consolidating its market share after introducing a custody products dubbed Gemini Custody. In a press statement shared with Cointelegraph, the company announced that the custody solution will be regulated by the New York Department of Financial Services (NYDFS).
According to the company, Gemini Custody, will be a platform that will allow users to conduct instant trading through provision of credits. Users will also have a chance to check balances, get their account statements, conduct withdrawals. The custody solution will also allow auditors a view only access to enable them to affirm balances, transactions as well as other activities.
The new product will also allow clients to trade their digital assets held by Gemini exchange custody without having to wait until they are moved from cold storage.
According to Gemini, 18 cryptos will be supported comprising of Bitcoin, Bitcoin Cash, Ether among others. In addition, several ERC-20 based tokens will also be supported such as 0x, Augur, Flexacoin among others.
According to Gemini CEO Tyler Winklevoss explained that maturation of the cryptos like an asset is highly dependent on custodial security. He explained:
“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.”
Tyler Winklevoss also added that the new product will be ideal for institutional investors as it complies with the stringent regulatory as well as security requirements.
Although most of the ERC-20 based tokens were not directly endorsed by NYDFS, the regulator gave the go ahead of Gemini’s listing, custody as well as issuance framework. In this case, most of the ERC-20 tokens have been added in regard to the framework.
The introduction of the custodial service marks the recent step by Gemini to offer regulated services to institutional investors. According to CoinDesk, the Winklevoss’ twins backed exchange announced in July that it was pursuing a broker-dealer licensure from Financial Industry Regulatory Authority (FINRA), which oversees security dealership in America. If Gemini is given a broker-dealer license, it will allow the company to provide virtual securities for approved traders.