The Winklevoss twins’ Gemini Trust Company was licensed by the State of New York to custody digital assets, which allowed Gemini to introduce a fully-regulated custodian service with 18 different crypto assets:
“In addition to BTC, ETH, BCH, LTC, and ZEC, Gemini currently custodies over a dozen ERC-20 tokens—including BAT, DAI, MKR, REP, BRD, MANA, and ENJ—with many more to come”
Gemini Custody is being marketed as “institutional-grade crypto storage” with “industry-leading security”. According to the product description, the hardware security modules where the private keys are stored have achieved “the highest levels of the U.S. government’s security ratings”.
The instrument allows instant trading for investors, as “Gemini instantly credits withdrawals to exchange accounts for buying and selling activity”. In other words, customers will not be waiting for assets in custody to be transferred from cold storage to start operating with them. Other features of the Gemini Exchange dashboard include monthly statements, sub-accounts, and assets transfers.
The company recognizes that “investors and institutions have different custody requirements depending on their activity volume, asset mix, and size of holdings” and offers tailored solutions. Meanwhile, according to Tyler Winklevoss, the investors are united by the need for fully regulated custodian services that will accelerate market maturity.
“Institutional investors have demonstrated a clear and growing demand for crypto, but they’ve struggled to find a solution that fully meets their complex regulatory and security requirements,”- says Gemini managing director Jeanine Hightower-Sellitto.