Gemini to Launch its Own Custodial Service
- The new custody solution, Gemini Custody, will enable the exchange’s customers to trade assets instantly.
- The Gemini Custody will reportedly be highly secured, and will initially offer support for 18 digital assets, many of which are ERC-20 tokens.
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The New York-based cryptocurrency exchange Gemini is launching its own custody service, called Gemini Custody, the company announced in a Medium post.
According to the announcement, the new custody solution will enable the exchange’s customers to trade assets instantly, without having to wait for them to be transferred from cold storage. Previously, users had to wait more than a day before they had access, and trade their assets.
The Gemini Custody will also be highly secured, ensuring that its customers’ cryptocurrency holdings can only be withdrawn to certain addresses by letting them set up whitelists. Its users can also grant auditors view-only access to confirm balances, transactions and activity, as well as set up different sub-accounts with different levels of permission. Gemini’s CEO, Tyler Winklevoss, said in the announcement:
“Security has been a pillar of Gemini since inception and protecting your crypto is a cornerstone of our mission to build the future of money; trust is our product.”
Gemini Custody will initially support 18 cryptocurrencies for custody, with them being: Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), Zcash, 0x (ZRX), Augur (REP), Basic Attention Token (BAT), Bread (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR) and OmiseGo (OMG).
Even though the New York Department of Financial Services (NYDFS) has not explicitly approved many of the new ERC-20 tokens, they were added in accordance with the Gemini’s Listing, Custody and Issuance Framework, which the financial regulator approved. The exchange is also planing to add support for other cryptocurrencies in the future.
The exchange will also be hosting a webinar on 7 October at 12:00 pm ET, in order to discuss its new Gemini Custody and the different cryptocurrency custody solutions on the market.
- An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
- The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
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- Germany’s largest bank will use Taurus’ custody and tokenization technology to manage the cryptocurrencies, tokenized assets, and digital assets of its clients.
- Deutsche Bank was one of a few companies to participate in Taurus’ $65 million Series B fundraising round back in February, which was led by Credit Suisse.
- Cameron Winklevoss, co-founder of crypto exchange Gemini, proposed a plan that would see Digital Currency Group pay close to $1.5 billion over the next five years.
- The Winklevoss twin said that if the “final offer” is not accepted by the end of the week, Gemini would file a lawsuit against DCG and CEO Barry Silbert.